Sept 5, 2008: According to the latest Canadian Bankruptcy Statistics released today by the Office of the Superintendent of Bankruptcy for the month of July 2008 business bankruptcies have declined by 4% over 2007 for the same 12 months period ending July 31, 2008.The total business number of bankruptcies for the 12-month period ending on Jul 31 2007 was 6183 as compared to 6,441 for the same 12-month period last year.
While the overall numbers in Canada show a decline, Nova Scotia and Quebec have shown about a 9% increase in the filing of bankruptcies for their respective provinces in 2008 over the same 12 months period ending July 31, 2007.
In comparing the total number of bankruptcies filed just for the month of July there was a drop of 6.4% this year over last year. The month of July 2008 also showed a decline over last month by about 2%. (Refer to the following table for detailed numbers)
Provinces that have shown an increase for the month of July 2008 as compared to July 2007 are Nova Scotia, New Brunswick, Newfoundland, Quebec, Manitoba and British Columbia.
Notable amongst these is Quebec as the province has show an increase of 3.2% for the month of July 2008 as compared to July of 2007. Quebec has also shown an increase of 12% in the number of bankruptcies in the month of July 2008 over June 2008 and an overall increase of 9% over a 12-month period ending July 31st 2008 as compared to the same period in 2007.
Note:
Business bankruptcies numbers include the following:
* Any bankrupt commercial entity &
* An individual who as a result of operating a business incurs 50% or more of total liabilities.
Article contributed by: CreditGuru.com
[Statististics sourced from Industry Canada: http://www.ic.gc.ca/]
