Depressing Personal Insolvency Statistics from Canada
"Canadians are going broke at a faster clip and on a grander scale. The picture is so bleak that personal bankruptcies are on track to be worse than the last recession in the early 1990s, even when the growth in population is taken into account, Scotia Capital Inc. economists say in a new report. Not only has there been a spike in bankruptcies filed in recent months, but according to annual data, the size of Canadians' bankruptcies is also surging."
The full story can be read here. Is this a telling sign for the future of the English and Welsh pattern of redress to the personal insolvency laws? The next quarterly insolvency statistics are eagerly awaited. I think they will be published in September.
"This is the ultimate statement of where the law on IVAs is to be found in our great common law...