Insolvency statistics for May show a rise from April but are down from a year ago, when the Bank of Canada had yet to start lowering interest rates.
The 12,395 insolvencies in May was up 2.3 per cent from April, while down 2.6 per cent from May last year, according to data released Tuesday by the Office of the Superintendent of Bankruptcy.
Consumer insolvencies make up the bulk of filings at 12,004, including 2,631 bankruptcies and 9,373 proposals, while business insolvencies in May amounted to 391, including 301 bankruptcies and 90 proposals.
Canadian borrowers have seen some financial relief compared with May last year as it was the
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