One sign the pandemic is reluctantly loosening its grip on Canada: the number of insolvencies in the third quarter edged up compared with the same quarter last year as the number of consumers unable to pay their bills edged higher.
The Office of the Superintendent of Bankruptcy says the total number of insolvencies came to 21,649 in the third quarter, up from 21,335 in the same quarter last year.
The actual number of bankruptcies fell to 6,740 compared with 7,667 a year ago, while the number of proposals, offers to settle debts under conditions other than the existing terms, rose to 14,909 from 13,668 in the same quarter last year.
The overall increase came as consumer insolvencies rose to 21,113 compared with 20,707 a year ago. The number of consumer bankruptcies fell to 6,324 from 7,164, but consumer proposals rose to 14,789 from 13,543.
