Red Deer - Bankruptcies
Red Deer had 190 bankruptcies reported in 2019, increasing 19.5% from 159 in 2018. The business segment had the largest decline over last year, decreasing -60.0% to 2.
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.