Business Insolvencies Surge almost 42% from year earlier in third quarter.

In the Globe & Mail Saturday November 4th, it was reported Canadian business Insolvencies were up 41.8 per cent from a year earlier in the third quarter, surpassing Pre-Pandemic levels. Businesses are being hit by the withdrawal of Covid 19 Government support, higher interest rates, and softening consumer spending, in a slowing economy with back-to-back negative quarterly growth.

It begs the question, is the economy in recession, and is now the time to explore the strategy of protecting your balance sheet and Account Receivable from a potential unforeseen loss?

I look forward to your thoughts…….