Westlock - Bankruptcies

Westlock had 13 bankruptcies reported in 2019, greatly increasing 62.5% from 8 in 2018. The business segment had the lowest increase over last year, increasing 0 to 1.

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.

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Bankruptcies

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