Wednesday, 8 July 2009

Depressing Personal Insolvency Statistics from Canada

The Canadian Globe and Mail are reporting some rather disturbing figures on personal insolvency that will, I am sure, not be a surprise to Professor Jacob Ziegel (pictured). Susan Krashinsky's report notes:
"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. 

Picture Credit:http://www.lawyersweekly.ca/images/Ziegel_Jacob.jpg

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