Businesses experienced a sharp increase in bankruptcies in the last quarter of 2021 according to the Canadian Association of Insolvency and Restructuring Professionals (CAIRP).
Insolvencies were up by 36.8% across the board during last year’s fourth quarter, marking a 35-year high. The brunt of the damage was caused by closures in the food, accommodation and construction industries.
“After nearly two years of record-low business insolvencies, the persistent uncertainty caused by the COVID situation is now forcing difficult decisions from Canadian business owners who are operating in the face of increased costs, supply chain issues and a tapering of pandemic-related government support,” said Jean-Daniel Breton, Chair of CAIRP in a news release.
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