There were more Canadian business insolvencies from September of 2018 to 2019 than there have been in almost 2 decades. That’s according to data from the Office of the Superintendent of Bankruptcy. The number of business that failed in that time period is up 4.1 per cent from the same time span the previous year.

Saskatchewan was the only province where insolvencies were down over that time period by 14.9 per cent, but for the past 3 months, there was an increase by the same percentage compared to the third quarter of 2018. Across Canada, the mining, oil and gas industry as well as the information and cultural industry suffered the most. Both sectors had increased bankruptcy filings of over 40 per cent.

Insolvency is not the same as bankruptcy. Insolvency is the inability to pay debts. Bankruptcy is the final alternative when other attempts to clear debt fail.