B.C. businesses are being overwhelmed by debts and declaring bankruptcy at a rate that far exceeds that of Canada as a whole.
Canada's Office of the Superintendent of Bankruptcies said Friday that B.C. business bankruptcies grew 11.1% from 36 in July 2007 to 40 in July 2008. Across the country, business bankruptcies fell 6.4% when the two months are compared (to 456 from 487).
Individual Canadians felt the most pain. Personal bankruptcies in July were 19% higher than they were in July 2007 (rising to 7,452 from 6,260).
Business bankruptcies dropped 1.9% from June and 6.4% from July 2007.
Personally bankruptcies in B.C. were 13.9% higher in July 2008 than they were in July 2007. Canada-wide, individual bankruptcy growth was 19%.
Prince Edward Island was the only province where total bankruptcies dropped when the two months are compared.
Canada-wide, the 7,452 personal bankruptcies and 456 business bankruptcies in July brought the 12-month total to 89,346.
Last year at this time, 85,939 bankruptcies had been declared over the previous 12 months.