Issue 20-57: Bankruptcies
April 6, 2020
There were 338 bankruptcies filed by consumers in British Columbia in February, a 11.9% increase from the same month of 2019. Conversely, the number of business bankruptcies remained unchanged, at 3.
The number of Canadian bankruptcies filed by businesses was down slightly (-4.9%) over the same period, with just over half being in the construction, retail trade and accommodation and food services sectors. Meanwhile, nation-wide consumer bankruptcies were also lower (-5.7%).
While the economic landscape has shifted since February, data from the beginning of the year are important in monitoring when and where changes occur over the following months. As such, this release serves as a benchmark for measuring the effects of the COVID-19 outbreak.
Data Source: Innovation, Science and Economic Development Canada