For immediate release
For the sixth year in a row, fewer people become insolvent in Ontario
Ginsberg Gingras is available to comment on statistics from the Office of the Superintendent of Bankruptcy Canada for the fourth quarter of 2015.
Ottawa, March 9, 2016 – For the sixth year in a row, Ontario saw a reduction in insolvency files in 2015.
According to the fourth quarter report published by the Office of the Superintendent of Bankruptcy Canada (OSB), 41,076 consumers and companies went bankrupt or filed a proposal to creditors in 2015. The number has been dropping annually since 2009—a record year for insolvency, with 69,494 cases.
The OSB report also indicates that, in 2015, more Ontario consumers chose to restructure their debts through a proposal to their creditors than through bankruptcy. In total, 21,977 individuals chose the first option. This represents 55% of all consumer insolvency files.
“This is the second year in a row that more proposals than bankruptcies were filed,” commented Pascal Gagnon, Ginsberg Gingras vice-president. “Since the proposal allows individuals to protect their assets and in most cases avoids the seizure of property, recourse to this option is increasingly used in Ontario,” he continued.
In Ottawa, even if there were more bankruptcies than proposals, the same tendency was still observed at the provincial level. In 2015, consumer proposals (1671 cases) increased by 5.2%, while bankruptcies (2097 cases) dropped by 6.3%.
Pascal Gagnon is available to comment on OSB statistics.
About Ginsberg Gingras
Founded in 1980, Ginsberg Gingras is one of the largest licensed insolvency trustees in Québec and Eastern Ontario in terms of the volume of files processed each year. Ginsberg Gingras helps individuals and companies in debt by providing solutions adapted to their needs. The firm has more than 125 employees and comprises a major network, including eight main offices and thirty secondary offices, two of which are in Ottawa, and four in Eastern Ontario.
For further information:
Mr. Pascal Gagnon, CPA, CGA, CIRP, LIT
1 800 567-1905 extension 2101