Canada's oil-producing provinces are seeing the biggest spike in insolvency in the country, according to new statistics from the Government of Canada. There were 3,186 insolvencies in Saskatchewan (3,062 filed by consumers) for the year ending in June. Consumer vs. business statisticsThe three provinces also accounted for the highest jump in insolvencies filed by consumers, in the same order. Overall, the jump in insolvencies in oil-producing provinces from the year ending June 2016 to the year ending June 2017 was lower than the jump from 2015 to 2016. Their bankruptcy rates dropped dramatically in the 12-month period ending June 30, 2017.

Source: CBC News September 03, 2017 09:56 UTC