The rate of consumer insolvencies rose in Alberta in the second quarter of this year by 43 per cent compared to last year, according to a report released by the Superintendent of Bankruptcy Canada at the end of August.
We suspect that as a collection agency operating in Edmonton and Calgary we will continue to have our work cut out for us.
Personal bankruptcies increased by 32.4 per cent in Alberta, while consumer proposal filings — a formal agreement with creditors under the Bankruptcy and Insolvency Act to settle debts under conditions other than the existing terms — are up 51.5 per cent from 2015.
Total insolvencies — both consumer and business bankruptcies and proposals — rose 41.8 per cent in Alberta in the second quarter of last year to the second quarter of this year.
With Alberta consumer insolvencies increasing by 43 per cent year over year, we have far outstripped the national average increase of 7.8 per cent.