Phaseout of COVID-19 aid programs bringing bankruptcies back

17 November 2020

Wealth Professional / Experts warn of impending insolvency wave as income support and deferral programs end. Last week, the Canadian Association of Insolvency and Restructuring Professionals (CAIRP) sounded the alarm as September statistics on insolvencies pointed to a painful reckoning for households across Canada.

Citing figures from the Office of the Superintendent of Bankruptcy, CAIRP said that the reported figure of 7,658 Canadians filing for insolvencies in September represented a 19% month-on-month surge, and marked the largest number of insolvencies since March when the COVID-19 pandemic.

Read