Insolvency Filings In Saskatchewan Increase To Highest Level In Four Years

212 individuals and businesses filed either bankruptcies or Consumer Proposals in March 2015, which is the highest number reported in four years. A chart of the number of filings over the last six months below indicates a fairly steadily increasing trend. Also of note is that proposals accounted for almost half of total filings in the month, which is consistent with our experience that proposals are representing an ever increasing percentage of filings.

This increase may be attributed to several factors, including:

1. The slowdown in the Saskatchewan oil patch due to the drop in oil and gas prices
2. The fact that the farm sector is also slowing down a bit as prices have returned to more historical levels
3. The increasing number of retired folks who have either retired with debt or taken on debt to assist their children
4. The fact that many people are more aware of the options when they experience financial difficulty and are quick to respond (often by filing a proposal)

Right now, it’s expected the trend of increasing filings will continue over the balance of this year.