Bankruptcies continue to rise in Alberta.
According to ATB Financial, it’s increased 37.2 percent month-over-month in August 2017. Year-over-year, they climbed from 440 in August 2016 to 450 during that 12-month period.
As well, numbers from the Office of the Superintendent of Bankruptcy Canada says that businesses within the province are having a difficult time meeting debt obligations, with 18 of them declaring bankruptcy. In July just five went belly-up. Just 10 went bankrupt in August 2016.
But the ATB says there is some piece of good news, that being that personal bankruptcies are 61 percent below their peak during the 2009 recession.
The bank says that part of the increase is due to increased borrowing costs. In July, the Bank of Canada increased its key interest rate by 25 basis points, making lending a bit more expensive for both consumers and for businesses alike.
– Posted by BET
