Bankruptcies Drive Increase in Business Insolvencies in January Compared to Previous Year
Business insolvencies more than doubled in January compared with a year earlier as they also surpassed pre-pandemic levels for the month.
The Office of the Superintendent of Bankruptcy says there were 759 business insolvencies in January, up 42.4 percent from December and up 129.3 percent from January 2023.
Before the pandemic began, January 2020 saw 308 business insolvencies, which included both bankruptcies and proposals.
The biggest increases in business insolvencies this January were in accommodation and food services, retail trade, and construction.
Business bankruptcies also rose more sharply year over year than proposals.
Consumer insolvencies also rose in January, but not nearly as sharply. They rose 23.5 percent year over year and remained lower than January 2020.
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