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(CEP News) Ottawa - The number of business and consumer bankruptcies across Canada both dipped in May, according to figures released Friday by Industry Canada.
The report from the Office of the Superintendent of Bankruptcy Canada showed that 7,364 individuals filed for bankruptcy during the month, down 8.4% from April's 8,035. Compared with May of last year, consumer bankruptcies were down 1.5%. A total of 554 businesses declared bankruptcy in May, down 6.4% from April's 592 but an increase of 4.1% from May of 2007. Also during May, 2,116 individuals and 103 companies filed proposals to reorganize their financial affairs and avoid bankruptcy, the report showed. For the 12-month period ending in May, 81,560 consumers and 6,279 businesses have filed for bankruptcy in Canada. By Geoff Matthews,
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, edited by Stephen Huebl,
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