News

The office of the Superintendent of Bankruptcy Canada reports a sharp rise in insolvency statistics for February 2016.

Insolvencies in Canada were 21.6 percent higher than the total number of insolvencies the month prior. Bankruptcies increased by 22.1 percent and proposals increased by 21.1 percent.

Year on year, the total number of insolvencies increased by 9.5 percent compared with the 12 month period ending February 28, 2015.

You can read the summary and full report here.

Insolvencies in January dropped by 7.8% from the previous month,

The latest report from the Office of the Superintendent of Bankruptcy Canada show that insolvencies in Canada were 0.1 percent lower than the total number of insolvencies in January 2015.  The breakdown of consumer vs. business insolvencies:  consumer insolvencies increased by 0.4 percent while business insolvencies decreased by 12.8 percent.

For the 12 month period ending January 31, 2016, the total number of insolvencies increased by 2.9 percent compared with the 12 month period ending January 31, 2015.

You can read the summary and full report here.

The Partners of Boale, Wood and Company Ltd. are pleased to announce that David Wood has been named Chair of the Canadian Association of Insolvency and Restructuring Professionals (“CAIRP”).

David is very excited about this appointment and his new volunteer role with CAIRP.  David has volunteered for numerous committees with CAIRP over the years and brings a wide breadth of knowledge and experience to CAIRP.  David will continue his role at Boale, Wood & Company Ltd. and will continue to advise debtors in financial difficulty about their options.

Boale, Wood & Company Ltd. is an insolvency boutique that is able to help businesses and individuals with their financial problems. We provide creative and practical insolvency advice to both individuals and companies facing financial difficulty. We offer a full range of insolvency services to individuals such as proposals to your creditors, financial counseling and bankruptcies.  We also offer a complete range of business services including informal workouts, formal restructurings, proposals to creditors, receiverships and bankruptcies.

The Canadian Association of Insolvency and Restructuring Professionals (CAIRP) is a national professional organization representing some 920 general members acting as Trustees in Bankruptcy, Trustees and Administrators in Proposals, receivers, agents, monitors, and consultants in insolvency matters, as well as 400 articling members, and 215 corporate, life, and inactive members. A non-profit corporation, CAIRP was created in 1979 to advocate a fair, transparent, and effective system of insolvency/restructuring administration throughout Canada.