Business insolvencies will likely remain elevated throughout 2024, experts said, as the economy plays catch-up after historically low levels during the pandemic.
She also noted 2019 was a milder year for insolvency filings, and that a certain level of insolvencies is healthy for the economy. “Although we’ve seen increases in the post-pandemic period, there still hasn’t been that big bang of bankruptcies that everybody’s been expecting since the pandemic hit.”Canada’s average asking rent jumped to almost $2,200 in FebruarySome closing businesses may have been struggling before COVID-19, Kovacevic said, while others are likely in industries disproportionately affected by the pandemic such as retailers and restaurants.
CCAA proceedings, which are similar to bankruptcy proposals but are for businesses above a certain size, also increased substantially in 2023, said Kovacevic.
Source: News Formal (newsformal.com)
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