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Business insolvencies in January were 55.4 per cent higher than last year, according to new data by the Office of the Superintendent of Bankruptcy.

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The federal insolvency regulator on March 1 released its January 2023 statistics on insolvency in Canada, reporting an annual increase of 33.7 per cent in combined business and consumer insolvencies over the same month in 2022.

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Consumer insolvencies were up 33 per cent in the same period, it said.

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Compared to the previous month, the total number of insolvencies in Canada, including bankruptcies and proposals, was 13.5 per cent higher in January. The report said bankruptcies were up 8.3 per cent, while proposals were up 15.2 per cent.

The biggest increase in the number of insolvencies were registered in the accommodation and food services and construction sectors, it said.

Meanwhile, the mining and oil and gas extraction sectors had the biggest decrease in the number of insolvencies.

Among the 9,066 total Bankruptcy and Insolvency Act (BIA) insolvencies recorded across Canada in January this year, Ontario had the most insolvencies with 3,164 or more than a third of the national total, while Quebec was close with 2,356 insolvencies.

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