Friday, December 05, 2008

Bankruptcy - Canada's Growth Industry

Personal bankruptcy filings in October were up more than 20-per cent from a year earlier. The good news is it could've been worse, I suppose. The bad news is that it's bound to get worse.

With about 71,000 new unemployed last month and far more workers at risk of the same fate, they'll start working their way through the system soon, very soon. As a former bankruptcy practitioner, I know how this unfolds.

The good news is that corporate bankruptcies increased just 1.4% over the previous month. The bad news is that corporate bankruptcies typically slow down during the holiday season and then skyrocket as retail businesses close down in the new year. Watch as those stats come rolling in beginning around February.

The good news is that this would be a great time to review the efficacy of Canada's banking and bankruptcy laws. The bad news is that Harper and the Governor-General thought this would be a dandy moment to shut down parliament.


Anonymous said...

During these tough economic times you may lose your job but Harper kept his by shutting down democracy.

Anonymous said...

Harper started this mess with his threat to end the parties' election subsidies and his visit to the GG will buy him time to weasel through this since the Liberals are wavering in their commitment to the coalition seems to crumbling. What a farce...Canadians didn't want Dion as Prime Minsiter of Canada as much as they don't want Harper as Prime Minister either. Now, Dion is to be the leader of the country if this Coalition masters its intention. Booh!! In the meantime........

now, with the GG so kind hearted toward Harper-Stopper, he will have the time to find a couple of Liberal backbenchers to appoint to the Senate and entice a couple more to cross the floor. By the time the confidence vote comes in January, he might have a majority! Now isn't that just darn smart of him? A. Morris