The report from the Office of the Superintendent of Bankruptcy showed that the total number of insolvencies meaning those filed by both businesses and consumers was up by 23.6 per cent last year.
The high insolvency rates for businesses are "telling a story that we've been a little concerned about, and that is essentially that we're seeing a very tough economic climate for a lot of businesses" amid low economic activity, said Pedro Antunes, chief economist at the Conference Board of Canada.
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