NL's insolvency statistics show a dramatic increase in Q1 of 2016. I was interviewed by CBC Radio to discuss this and possible reasons why. Is this increase the tip of the iceberg?

Yesterday I was interviewed by Meghan McCabe on CBC Radio’s On the Go where we discussed the latest insolvency statistics released by the Office of the Superintendent of Bankruptcy Canada.

The statistics show a dramatic increase in Newfoundland and Labrador in the number of insolvencies (bankruptcy or proposals to creditors) being filed.

Q1 2016 saw an increase of 37.7% over Q1 of 2015 and for the 12 month period ending March 31st, 2016 Newfoundland and Labrador saw an increase of 26% in the number of bankruptcies and proposals filed as compared to the preceding 12 month period.

What is concerning about this significant increase is that this is for up to March 31st so the NL budget had not yet been announced, much less begun to impact people’s wallets.

We also see a dramatic increase in the number of proposals being filed which, to me, could be a reflection of the changing face of the insolvent Newfoundlander as people with higher incomes and/or more assets are finding it difficult to make ends meet.

Click below for the full interview from CBC Radio’s On the Go discussing NL’s insolvency statistics: