Calgary - Bankruptcies
Calgary had 1,828 bankruptcies reported in 2019, greatly increasing 36.2% from 1,342 in 2018. The consumer segment had the lowest increase over last year, increasing 34.7% to 1,766.
Definition: A bankruptcy is a legal process governed by the Bankruptcy and Insolvency Act for a person who can no longer pay back debt. The person who owes the debt assigns all assets -with some exceptions -to a Licensed Insolvency Trustee who sells it or uses it to help pay the debt to the creditors. A 'person' can be a human being (natural person), a partnership or a corporation that is recognized by law as having rights and duties.