Insolvency is an essential element in the natural evolution of the financial ecosphere. In this regard, the availability of a ‘fresh start’ for both businesses and citizens has been shown to directly increase productivity, enabling individuals to start businesses, become highly productive and improve the overall well-being of society.
The global pandemic created a financial aftermath, much of which we are still recognizing as we all struggle to get our businesses and finances back in order.
The business of insolvency, Licensed Insolvency Trustees is no exception to the negative impact related to the pandemic. As of March 2020 our Government of Canada-regulated industry experienced a profound decline in the volume of consumers and businesses filing insolvencies, such as consumer proposals or bankruptcy.
While these statistics are specific to Canada, similar declines have been tracked globally through the USA, Great Britain and the European Union.
Consequently, the decline in insolvency filings over the past 3 years may seem remarkable and be considered a positive outcome, regrettably it is safe to assume that this 3-year decline in insolvency volumes will have unexpected long-term consequences. Undoubtedly influencing a deeper fallout on society’s well-being, businesses’ financial operations and future entrepreneurs as we move into 2023-2024 and a potential recession.
If you find yourself or your business struggling with financial hardship, we are here to provide options and offer our commitment.
To help you fight for your financial well-being.
Be partners that you can lean on throughout the insolvency process.
Being strong advocates on your behalf.
Providing tools that will empower your future.
Ready to take the next steps?