The latest figures show that Alberta’s insolvency rate has climbed dramatically since a year ago compared to the national rate.
The total number of insolvencies bankruptcies and consumer proposals filed by individuals increased 52.8 per cent from April 2015 to April 2016 in Alberta, according to the Office of the Superintendent of Bankruptcy Canada.
Across the country, the number of insolvencies was up 4.9 per cent over the same period.
The number of proposals the term given to a formal agreement with creditors under the Bankruptcy and Insolvency Act to settle debts under conditions other than the existing terms registered by individuals in Alberta rose by 68.4 per cent in the past year.
That compares with …
Read the full article at: http://www.cbc.ca/news/canada/calgary/insolvency-rates-bankruptcies-proposals-spike-alberta-1.3658211