The overall number of consumer insolvencies moved lower in May but there were some regional spikes.
The Office of the Superintendent of Bankruptcy Canada has just released figures showing a 1% decrease in the 12 month period ending May 31, 2018. Consumer bankruptcies decreased by 7.8%, while consumer proposals increased by 5.7%.
The proportion of proposals in consumer insolvencies increased to 54.2% during the 12-month period ending May 31, 2018, up from 50.7% during the 12-month period ending May 31, 2017.
Month-over-month consumer insolvencies increased by 5.7% with New Brunswick (10.2%) and Newfoundland and Labrador (19.1%) posting the largest gains.
The largest year-over-year increases were in PEI (43.5%) and Newfoundland and Labrador (25.2%).
Business insolvencies for the 12-month period ending May 31, 2018, decreased by 4.0% compared with the 12-month period ending May 31, 2017.
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