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Bankruptcies, proposals rise in September, but well down from 2009

General Angela Calla 3 Dec

The Canadian Press, 2010  OTTAWA – The federal bankruptcy office says
more Canadian households and businesses became insolvent in September
than in the month before. The office says bankruptcies rose 9.6 per cent
– 9.9 per cent for consumers – in September from the August numbers.

Insolvencies, which combine bankruptcies and proposals to refinance
debt, rose 7.6 per cent overall.

The increases reverse a trend toward declining insolvencies since the
recession, but the Office of the Superintendent of Bankruptcy says it’s
not unusual to see an increase in the month of September.

Insolvencies for the third quarter overall are down 9.2 per cent, the
office says, and bankruptcies are 11.4 per cent lower. From last year,
September’s insolvencies dipped 26.5 per cent and bankruptcies fell 36.6
per cent.