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Business insolvencies reach record highs. 📈 The number of businesses in Canada that filed for insolvency in 2023 was the highest it's ever been in 13 years, according to figures released last week from the federal Office of the Superintendent of Bankruptcy. Retail, construction, transportation, and warehousing industries have been hit the hardest, with 44,236 business closures in October 2023 alone. (Stats Can) The same unsettling trend is happening globally, with bankruptcies climbing by almost 50 per cent from 2021 to 2023. Oxford Economics predicts a further double-digit increase into 2025 in some markets. Credit risk is a growing concern for businesses engaged in domestic and international transactions. At Export Development Canada | Exportation et développement Canada, we understand these challenges and offer guidance on how to effectively manage your risks and protect your business from unforeseen financial setbacks.   #tradecreditinsurance #riskmanagement #protectyourassets #internationalbusiness #bankruptcies

It was only a matter of time. Business insolvencies in Canada are hitting their highest point since the Great Recession and continues a steady climb in filings over the past two years. https://lnkd.in/ggzK5YVz #insolvencies #bankrupt #debt #business #recession #canada #interestrates #creditors #loandefaults

Business insolvencies in Canada are hitting their highest point since the Great Recession, new data show, reported The Globe and Mail. "According to the federal Office of the Superintendent of Bankruptcy, 2,003 business insolvencies were filed from Jan. 1 to March 31 of this year. Of those, 1,599 were bankruptcies and 404 were proposals, which is a legal option to negotiate lower debt repayment with creditors. The number of insolvencies was up 32 per cent from the previous quarter, and 87 per cent from the same quarter last year." "This continues a steady climb in filings over the past two years. Insolvencies had hit a low point early in the COVID-19 pandemic because of government-support programs and rock-bottom interest rates – both of which are now gone." "Historical data show the first quarter of 2024 is the highest number of insolvencies in a quarter since the beginning of 2008, early in the global financial crisis. The vast majority of insolvencies were in Quebec (1,125) and Ontario (634)." https://lnkd.in/gZi74CnZ #canada #insolvencies #economy

According to the Office of the Superintendent of Bankruptcy, in Canada, the numbers of consumer and business insolvencies were substantially lower in March than in February (after seasonal adjustment). Here's what these numbers look like in a longer-term context. High interest rates and slower economic growth are taking their toll on corporations, though consumer insolvencies are not much different from their average level in the 2010s. #cdnecon

Recent data from the Office of the Superintendent of Bankruptcy reveals a concerning trend: business insolvencies in Canada have surged to their highest levels since the Great Recession. In the first quarter of 2023, there were 2,003 filings, an increase of 32% from the last quarter and a staggering 87% year-over-year. Among these, 1,599 were bankruptcies, while 404 were proposals. This uptick is a critical signal for us in the business community. It prompts a reflection on the resilience of our operations and the robustness of our financial strategies. As we navigate these challenging times, let's discuss and share strategies that can help safeguard our businesses. What measures are you taking to mitigate financial risks in today's economic climate? https://lnkd.in/grFQqDYT #BusinessResilience #FinancialHealth #CanadianBusiness #EconomicTrends

For a country that needs to grow this is a bit troubling. Business insolvencies for the 12‑month period ending January 31, 2024, increased by 48.8% compared with the 12‑month period ending January 31, 2023. Accommodation and food services, Retail trade and Construction registered the biggest increases in the number of insolvencies. What do you think to root cause is? COVID, inflation, high costs? #smallbusiness #work #Business

Don't risk losing your hard-earned money due to increasing business insolvencies. In Canada, business insolvencies have surged by 41.7% compared to last year, with the trend expected to continue not only in Canada but also in other regions. Protect your assets by considering Credit Insurance. Safeguard your receivables, a crucial asset, by ensuring they are adequately insured! #edc #creditinsurance #exporting #bankrupcies

What is happening in Canada… Canadian bankruptcy filings are skyrocketing with nearly 800 bankruptcy filings in January 2024 alone. This comes after bankruptcy filings in 2023 jumped nearly 40%YoY. Currently, the number of businesses filing for insolvency is at its highest in 13 years. In January, small businesses faced deadlines to repay interest-free loans of ~$45,000 given during the pandemic. Small businesses currently account for ~33% of Canada's GDP. In both Canada and the US, government data continues to suggest the economy is strong. But, small businesses and many consumers are struggling. There seems to be a large disconnect between data and reality. Is Canada bracing for a recession? Source:- KobeissiLetter

"Small businesses are major contributors to the #Canadian #economy. In 2022, #businesses with 1 to 99 employees comprised 98.0% of all employer businesses in #Canada, and employed 10.7 million individuals which is almost two-thirds (63.0%) of all employees" (not including medium sized businesses). (https://lnkd.in/gPWu-q_x) A report below found that 4,810 of those businesses filed insolvencies in 2023, partly due to economic pressures and Covid 19 Government loan repayment deadline. I hope we can save these businesses. #smallbusiness #calgary #alberta https://lnkd.in/gBrHqyxy