Canadian Business Bankruptcies Decline in 2008 by 2% over 2007
Feb 11, 2009: According to the latest stats released by the Office of the Superintendent of Bankruptcy for the year 2008, 6164 Business Bankruptcies were filed in Canada. This is a 2% drop from the year before i.e. 2007.
Although the absolute drop in numbers 2008 over 2007 is 2%, if we compare this to the [...]
Canadian Consumer Bankruptcies in 2008
Feb 09, 2009
Consumer Bankruptcies:
Comparing 2008 numbers to 2007
The following numbers were released on Monday by the Office of the Superintendent of Bankruptcy Canada.
Number of Bankruptcies
2008
2007
% Change
Newfoundland and Labrador
2 133
2 121
0.6
Prince Edward Island
444
297
49.5
Nova Scotia
3 970
3 487
13.9
New Brunswick
2 655
2 454
8.2
Quebec
28 317
25 072
12.9
Ontario
36 200
31 439
15.1
Manitoba
2 025
2 041
-0.8
Saskatchewan
1 451
1 463
-0.8
Alberta
6 066
4 768
27.2
British Columbia
7 293
6 651
9.7
Northwest Territories
22
31
-29
Yukon
27
20
35
Nunavut
7
3
133.3
Canada
90 610
79 847
13.5
Consumer bankruptcies in 2008 jumped up by 13.5% over 2007. In all of last year 90,620 Canadians filed for bankruptcy as opposed [...]
What is Companies’ Creditors Arrangement Act (CCAA)?
What is Companies’ Creditors Arrangement (CCAA)?
The Companies’ Creditors Arrangement (”CC, double A” or “CCAA”) was legislated by the Government of Canada during the depression of the 1930’s. The Act allows financially troubled companies to file for financial and business restructuring.
Under CCAA a financially distressed company (also referred to as the “Debtor”) tries to [...]
Canadian Bankruptcy Statistics - Business Bankruptcies decline in July 2008
Sept 5, 2008: According to the latest Canadian Bankruptcy Statistics released 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 [...]
Commercial Restructuring under the Canadian Bankruptcy and Insolvency Act
Commercial Proposals and Creditor’s Rights
There is a provision under Part III of the Canadian Bankruptcy and Insolvency Act (BIA) for an insolvent business to file a ‘Proposal’ with its creditors. In layperson’s terms it is like making a modified arrangement with its creditors to pay them off in an acceptable manner which is generally over [...]