Canada bankruptcies fall 12.4 pct in January | Reuters #Toronto #business #money #finance

* Consumer, business bankruptcies down

Bonds  |  Global Markets

* Drop the largest January decline in 20 years

TORONTO, April 13 (Reuters) – Canadian bankruptcies fell 12.4 percent in January from a year earlier as both consumers and businesses regained strength in the wake of the recession, data from the federal bankruptcy agency showed on Tuesday.

Consumer bankruptcies fell 11.9 percent to 6,998 in January 2010 from a year earlier, and were 9.6 percent lower than in December, the Office of the Superintendent of Bankruptcy said in a report.

Business bankruptcies fell 21.0 percent from a year earlier to 354 in January. That was down 3.8 percent from December.

The decrease in insolvencies, which include both bankruptcies and bankruptcy proposals, was the largest drop recorded for January in 20 years, the agency said, noting that bankruptcies usually rise in January from December.

On the business side, a reduction in bankruptcies in the agriculture, wholesale trade, construction, information and real estate industries led the decline. Bankruptcies in mining and oil and gas extraction and in utilities rose from a year earlier. (Reporting by Andrea Hopkins; editing by Rob Wilson)

Posted via web from Toronto Real Estate News, Blog

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