{"id":9458,"date":"2020-06-24T19:00:15","date_gmt":"2020-06-24T23:00:15","guid":{"rendered":"http:\/\/www.irasmithinc.com\/blog\/?p=9458"},"modified":"2021-02-01T18:32:49","modified_gmt":"2021-02-01T23:32:49","slug":"insolvencies-in-canada","status":"publish","type":"post","link":"https:\/\/irasmithinc.com\/blog\/insolvencies-in-canada\/","title":{"rendered":"INSOLVENCIES IN CANADA:  THE CALM BEFORE THE SCARY STORM?"},"content":{"rendered":"<p style=\"text-align: center;\"><b>The<\/b><a href=\"https:\/\/www.irasmithinc.com\/\"> <b><i>Ira Smith Team<\/i><\/b><\/a><b> is absolutely operational and Ira, in addition to Brandon Smith, is readily available for a telephone consultation or video meeting.<\/b><\/p>\n<h2 id=''  id=\"boomdevs_1\"><iframe loading=\"lazy\" src=\"https:\/\/www.youtube.com\/embed\/2qZMVLhewNk\" width=\"789\" height=\"444\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/h2>\n<h2 id='insolvencies-in-canada-introduction'  id=\"boomdevs_2\"><b><em>Insolvencies in Canada<\/em> introduction<\/b><\/h2>\n<p><b><i>Insolvencies in Canada<\/i><\/b><span style=\"font-weight: 400;\"> are at a record low.\u00a0 Is it the calm before the scary storm?\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Consumer insolvencies in Canada have been driven to unusually reduced degrees in recent years because of sustained low-interest rates and strong property values.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In this Brandon\u2019s Blog, I discuss what could very well happen in the 4th quarter of 2020 and into 2021.\u00a0\u00a0<\/span><\/p>\n<h2 id='insolvencies-in-canada-recent-history'  id=\"boomdevs_3\"><a href=\"http:\/\/www.irasmithinc.com\/blog\/bankruptcy-and-insolvency-act-canada-bankruptcy-law-faq-bankruptcy-act-canada\/\"><b><i>Insolvencies in Canada<\/i><\/b><\/a><b> &#8211; recent history<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">The lower number of insolvency filings is not a new phenomenon.\u00a0 <\/span><a href=\"http:\/\/www.irasmithinc.com\/blog\/bankruptcy-statistics-2\/\"><i><span style=\"font-weight: 400;\">Insolvencies in Canada<\/span><\/i><\/a><span style=\"font-weight: 400;\"> have been at historically low levels for many years.\u00a0 It was not until last year that <\/span><a href=\"http:\/\/www.bnnbloomberg.ca\/consumer-insolvencies-in-canada-climb-to-highest-in-8-years-1.1257929\" target=\"_blank\" rel=\"noopener\"><i><span style=\"font-weight: 400;\">personal insolvency filings<\/span><\/i><\/a><span style=\"font-weight: 400;\"> increased year over year.\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In 2019, <\/span><a href=\"http:\/\/www.irasmithinc.com\/bankruptcy_personal.html\"><span style=\"font-weight: 400;\">consumer insolvencies<\/span><\/a><span style=\"font-weight: 400;\"> for the 12-month period finishing December 31, 2019, increased by 9.5% compared to the 12-months ending December 31, 2018. <\/span><a href=\"http:\/\/www.irasmithinc.com\/bankruptcy_services-personal_the-bankruptcy-process.html\"><i><span style=\"font-weight: 400;\">Personal bankruptcy<\/span><\/i><\/a><span style=\"font-weight: 400;\"> decreased by 1.2%, while <\/span><a href=\"http:\/\/www.irasmithinc.com\/bankruptcy_services-personal_consumer-proposal.html\"><i><span style=\"font-weight: 400;\">consumer proposals<\/span><\/i><\/a><span style=\"font-weight: 400;\"> were 17.9% higher.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">After many successive years of steady decline, <\/span><a href=\"http:\/\/www.irasmithinc.com\/bankruptcy_services-corporate.html\"><i><span style=\"font-weight: 400;\">business bankruptcies<\/span><\/i><\/a><span style=\"font-weight: 400;\"> in Canada had reached a plateau level in 2019.\u00a0 Typically speaking, business bankruptcies in Canada have been stable.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">During the 1st quarter of 2020, the <\/span><a href=\"https:\/\/www.ic.gc.ca\/eic\/site\/bsf-osb.nsf\/eng\/h_br04254.html\" target=\"_blank\" rel=\"noopener\"><i><span style=\"font-weight: 400;\">Office of the Superintendent of Bankruptcy Canada<\/span><\/i><\/a><span style=\"font-weight: 400;\"> (OSB) reports that between the 4th quarter of 2019 and the end of the 1st quarter of 2020, for <\/span><i><span style=\"font-weight: 400;\">insolvencies in Canada<\/span><\/i><span style=\"font-weight: 400;\">:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Total insolvency filings decreased by 5.4%.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Consumer filings were down by 5.5%.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Business insolvency filings were 2.6% lower.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">In all cases, bankruptcy filings were drastically lower and restructuring proposals were essentially flat.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">For personal filings, Alberta was basically flat while the other provinces and territory showed decreases.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">In business filings, Ontario showed a slight increase (8.3%) and British Columbia showed a huge increase (43.5%).\u00a0 Again, it was restructuring proposals, not bankruptcy, making up the majority of business filings.\u00a0 All other provinces and territories showed a decrease.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Then the effects of the economic shutdown of the country started taking hold in April 2020.<\/span><\/p>\n<h2 id='april-2020-insolvencies-in-canada-and-the-united-states'  id=\"boomdevs_4\"><b>April 2020 <\/b><a href=\"http:\/\/www.irasmithinc.com\/blog\/seniors-in-debt-canada\/\"><b><i>insolvencies in Canada<\/i><\/b><\/a><b> and the United States<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">The total variety of <\/span><a href=\"http:\/\/www.irasmithinc.com\/blog\/debt-settlement-or-consumer-proposal-canada-2\/\"><i><span style=\"font-weight: 400;\">insolvencies in Canada<\/span><\/i><\/a><span style=\"font-weight: 400;\"> (both bankruptcy and proposal filings) decreased by 38.7% in April 2020 contrasted to March 2020. Personal bankruptcy decreased by 41.5% and proposals decreased by 37.2%.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The number of <\/span><i><span style=\"font-weight: 400;\">insolvencies<\/span><\/i><span style=\"font-weight: 400;\"> filed in April 2020 was 43.5% less than the total in April 2019. Consumer bankruptcies decreased by 43.1%, while consumer proposals decreased by 54.8%.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The story in the United States is very similar.\u00a0 <\/span><a href=\"https:\/\/www.americanbanker.com\/about-us\" target=\"_blank\" rel=\"noopener\"><i><span style=\"font-weight: 400;\">American Banker<\/span><\/i><\/a><span style=\"font-weight: 400;\"> reports that presently in the US, personal bankruptcy filings are actually reduced year over year. It reports that according to information from the federal courts, there were 186,000 consumer bankruptcy cases in the first quarter of 2019. By comparison, there were 175,000 for the initial quarter of 2020.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A lot more noticeably, the rate of consumer insolvency cases for April of 2020 was 46% lower than in April of 2019.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">There are a variety of reasons in both countries.\u00a0 From my discussions with a couple of US bankruptcy lawyers, I am friendly with, it seems the reasons in both countries are generally the same.\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In no particular order, the main reasons are:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Mortgage payment deferral programs masking what might otherwise be increased delinquencies.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Lower overall credit card spending while people are at home in self-quarantine.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Various government programs supplying much-needed cash to unemployed people and businesses.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Government programs deferring the timing for filing income tax returns and the payment of income tax.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Moral suasion so far stopping banks, credit card companies and collection agencies from aggressively making collection attempts during this time.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The closure of the courts making it impossible to sue anyone.<\/span><\/span>\n<p><figure id=\"attachment_9462\" aria-describedby=\"caption-attachment-9462\" style=\"width: 580px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-large wp-image-9462\" src=\"http:\/\/www.irasmithinc.com\/blog\/wp-content\/uploads\/2020\/06\/insolvencies-in-canada1-1024x576.jpg\" alt=\"insolvencies in canada\" width=\"580\" height=\"326\" data-wp-pid=\"9462\" data-pin-nopin=\"nopin\" title=\"\" srcset=\"https:\/\/irasmithinc.com\/blog\/wp-content\/uploads\/2020\/06\/insolvencies-in-canada1-1024x576.jpg 1024w, https:\/\/irasmithinc.com\/blog\/wp-content\/uploads\/2020\/06\/insolvencies-in-canada1-300x169.jpg 300w, https:\/\/irasmithinc.com\/blog\/wp-content\/uploads\/2020\/06\/insolvencies-in-canada1-768x432.jpg 768w, https:\/\/irasmithinc.com\/blog\/wp-content\/uploads\/2020\/06\/insolvencies-in-canada1-1200x675-cropped.jpg 1200w, https:\/\/irasmithinc.com\/blog\/wp-content\/uploads\/2020\/06\/insolvencies-in-canada1.jpg 1280w\" sizes=\"auto, (max-width: 580px) 100vw, 580px\" \/><figcaption id=\"caption-attachment-9462\" class=\"wp-caption-text\">insolvencies in canada<\/figcaption><\/figure><\/li>\n<\/ul>\n<h2 id='the-economy-is-starting-to-reopen'  id=\"boomdevs_5\"><b>The economy is starting to reopen<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">In conjunction with the federal government, the provinces and territories are starting to reopen cities and businesses.\u00a0 No doubt there will be a lot of growing pains as the economy reopens.\u00a0 What should we expect?\u00a0 What will it mean for <\/span><a href=\"http:\/\/www.irasmithinc.com\/blog\/canada-insolvencies\/\"><i><span style=\"font-weight: 400;\">insolvencies in Canada<\/span><\/i><\/a><span style=\"font-weight: 400;\">?<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In his first speech as Governor of the <\/span><a href=\"https:\/\/www.bankofcanada.ca\/\" target=\"_blank\" rel=\"noopener\"><i><span style=\"font-weight: 400;\">Bank of Canada<\/span><\/i><\/a><span style=\"font-weight: 400;\">, on June 22, 2020, <\/span><a href=\"https:\/\/www.bankofcanada.ca\/2020\/06\/speech-tiff-macklem-june-22-2020\/\" target=\"_blank\" rel=\"noopener\"><i><span style=\"font-weight: 400;\">Tiff Macklem<\/span><\/i><\/a><span style=\"font-weight: 400;\"> stated that he expects there will be an initial boost to the Canadian economy as it reopens and activity resumes.\u00a0 He does not expect that good news to last very long.\u00a0 Rather, he expects there will be the 2nd stage of economic recovery that will certainly be long and slow, due to the remaining unpredictability around the <\/span><i><span style=\"font-weight: 400;\">coronavirus<\/span><\/i><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The federal government will need to wean Canadians off of the various support programs.\u00a0 When that happens, all the financial pain currently hiding under the radar will rise to the forefront.\u00a0 <\/span><a href=\"http:\/\/www.irasmithinc.com\/blog\/commercial-tenancies-act\/\"><i><span style=\"font-weight: 400;\">COVID-19<\/span><\/i><\/a><span style=\"font-weight: 400;\"> support programs, payment deferrals and other \u201ctime outs\u201d will end and the courts will reopen.\u00a0 Creditors will get back to business as usual in chasing delinquent accounts.\u00a0 The federal, provincial and territorial governments will feel they have done enough to the tune of trillions of dollars.\u00a0 Their attitude will be, in so many words, it is now time for you to stand on your own two feet again.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In fact, some government attitudes are already changing.<\/span><\/p>\n<h2 id='will-temporary-layoffs-be-a-harbinger-for-business-insolvencies-in-canada'  id=\"boomdevs_6\"><b>Will temporary layoffs be a harbinger for business <\/b><a href=\"http:\/\/www.irasmithinc.com\/blog\/debt-headlines\/\"><b><i>insolvencies in Canada<\/i><\/b><\/a><b>?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Throughout the <\/span><a href=\"http:\/\/www.irasmithinc.com\/blog\/canada-emergency-wage-subsidy\/\"><i><span style=\"font-weight: 400;\">coronavirus<\/span><\/i><\/a><span style=\"font-weight: 400;\"> pandemic, BC seemed to handle their lockdown and other <\/span><i><span style=\"font-weight: 400;\">COVID-19<\/span><\/i><span style=\"font-weight: 400;\"> things a bit differently than the other provinces and territories.\u00a0 As they now consider reopening, BC businesses are worried.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">British Columbia businesses are discouraged by Labour Minister Harry Bains\u2019s failure to recognize the seriousness of problems facing the mainly small and medium-sized businesses. Their issue is the possibility for thousands of companies to have to make an <\/span><i><span style=\"font-weight: 400;\">insolvency filing.\u00a0 <\/span><\/i><span style=\"font-weight: 400;\">Their main worry is that they will be compelled to make severance payments as a result of the unexpected scenarios brought by the <\/span><a href=\"http:\/\/www.irasmithinc.com\/blog\/office-superintendent-bankruptcy-canada\/\"><i><span style=\"font-weight: 400;\">COVID-19 pandemic<\/span><\/i><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The Minister has it within his power to supply a Ministerial Order to expand the temporary layoff time frame under the <\/span><a href=\"http:\/\/www.irasmithinc.com\/blog\/covid-19-resources\/\"><i><span style=\"font-weight: 400;\">Employment Standards Act<\/span><\/i><\/a><span style=\"font-weight: 400;\"> to provide companies with the breathing room&#8221; required to survive, recoup, and facilitate return-to-work for laid-off s<\/span><span style=\"font-weight: 400;\">taff.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">All provinces and territories face extraordinary difficulties as a result of the economic results from <\/span><a href=\"http:\/\/www.irasmithinc.com\/blog\/consumer-proposals-in-ontario\/\"><i><span style=\"font-weight: 400;\">COVID-19<\/span><\/i><\/a><span style=\"font-weight: 400;\">. Few business owners can plan for or have the cash-on-hand to terminate all or a considerable part of their labour force at the same time throughout the very best of times.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">BC companies will be faced with fears as the clock ticks to target dates beginning in very early July requiring several companies to either recall or permanently terminate laid-off staff members.\u00a0 They don\u2019t have enough business or money to rehire everyone.\u00a0 They also don\u2019t have the cash to make the severance payments.\u00a0 Without legislative support, this problem will face all Canadian businesses.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In the nick of time, the federal government has come to the rescue.\u00a0 On June 23, 2020, Prime Minister Justin Trudeau announced that the federal government has expanded the period for temporary layoffs by as much as 6 months.\u00a0 Employers now have more time to recall staff members who were laid off due to <\/span><a href=\"http:\/\/www.irasmithinc.com\/blog\/redwater-alberta-news-1-7-billion-cleanup-orphan-wells\/\"><i><span style=\"font-weight: 400;\">COVID-19<\/span><\/i><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Now, for employees who were laid off before March 31, the government has proposed that their employers have the earlier of 6 months or up until December 30 to recall their staff. For employees laid off between March 31 and September 30, their company will have up until December 30, unless a later recall day was given on their layoff notification.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">I caution that this is a proposal floated by our PM right now and not actual legislation.\u00a0 Labour legislation is largely left up to the provinces and territories.\u00a0 It is interesting to note that the Feds seem to be stepping into this.\u00a0 As we all know, ultimately, businesses will either be able to survive or will have to restructure under our laws for <\/span><a href=\"http:\/\/www.irasmithinc.com\/blog\/debt-consolidation-debt-consolidation-loan\/\"><i><span style=\"font-weight: 400;\">insolvencies in Canada<\/span><\/i><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<h2 id='will-extending-employee-recalls-be-a-harbinger-for-personal-insolvencies-in-canada'  id=\"boomdevs_7\"><b>Will extending employee recalls be a harbinger for personal <\/b><a href=\"http:\/\/www.irasmithinc.com\/blog\/can-you-file-personal-and-corporate-bankruptcy\/\"><b><i>insolvencies in Canada<\/i><\/b><\/a><b>?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">So now that employees can expect to remain unemployed for longer, what is that going to mean?\u00a0 For several years now polls have shown that Canadians are on the brink of insolvency.\u00a0 As I already mentioned, rock-bottom interest rates and rising real estate values, leading to lots of home equity lines of credit room to borrow on.\u00a0 This has kept Canadians in debt and out of becoming one of the statistics for <\/span><a href=\"http:\/\/www.irasmithinc.com\/blog\/filing-for-bankruptcy-in-ontario\/\"><i><span style=\"font-weight: 400;\">insolvencies in Canada<\/span><\/i><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">So the question is, once the <\/span><a href=\"http:\/\/www.irasmithinc.com\/blog\/canada-emergency-response-benefit\/\"><i><span style=\"font-weight: 400;\">Canada Employment Response Benefit<\/span><\/i><\/a><i><span style=\"font-weight: 400;\"> (<\/span><\/i><a href=\"http:\/\/www.irasmithinc.com\/blog\/how-to-save-money-in-canada\/\"><i><span style=\"font-weight: 400;\">CERB<\/span><\/i><\/a><i><span style=\"font-weight: 400;\">)<\/span><\/i><span style=\"font-weight: 400;\"> runs out, what will the unemployed do?\u00a0 Seems to me there are a few options, none of them good:<\/span><\/p>\n<ol>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Cut back on spending as much as possible.\u00a0 In places like the <\/span><i><span style=\"font-weight: 400;\">Greater Toronto Area (GTA)<\/span><\/i><span style=\"font-weight: 400;\">, you have to be a magician to be able to live on $2,000 per month (after putting away the amount you will have to pay eventually in CERB income tax).<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Burn through the rest of your savings until you have no cash.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">As a result of 1 or 2, go deeper into debt on your lines of credit and credit cards until you have no more borrowing room.<\/span><\/li>\n<\/ol>\n<p><span style=\"font-weight: 400;\">Once all of this has happened, the only thing left to do will be to consult with a licensed insolvency trustee (formerly called a bankruptcy trustee) to discuss your realistic options for eliminating debt.<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<h2 id='insolvencies-in-canada-summary'  id=\"boomdevs_8\"><b><em>Insolvencies in Canada<\/em> summary<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">I hope you have found the <\/span><a href=\"http:\/\/www.irasmithinc.com\/blog\/financial-security\/\"><i><span style=\"font-weight: 400;\">insolvencies in Canada<\/span><\/i><\/a><span style=\"font-weight: 400;\"> Brandon\u2019s Blog interesting and helpful.\u00a0 The<\/span><a href=\"https:\/\/www.irasmithinc.com\/contact_us.html\"> <i><span style=\"font-weight: 400;\">Ira Smith Team<\/span><\/i><\/a><span style=\"font-weight: 400;\"> family hopes that you and your family members are remaining secure, healthy and well-balanced. Our hearts go out to every person that has been affected either via misfortune or inconvenience.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">We all must help each other to stop the spread of the coronavirus. Social distancing and self-quarantining are sacrifices that are not optional. Families are literally separated from each other. We look forward to the time when life can return to something near to typical and we can all be together once again.<\/span><\/p>\n<p><a href=\"https:\/\/www.irasmithinc.com\/\"><i><span style=\"font-weight: 400;\">Ira Smith Trustee &amp; Receiver Inc.<\/span><\/i><\/a><span style=\"font-weight: 400;\"> has constantly used clean, safe and secure ways in our professional firm and we continue to do so.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Income, revenue and cash flow shortages are critical issues facing entrepreneurs, their companies and individual Canadians. This is especially true these days.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If anyone needs our <\/span><a href=\"http:\/\/www.irasmithinc.com\/blog\/bankruptcy-blog-review\/\"><i><span style=\"font-weight: 400;\">assistance for debt relief Canada COVID-19<\/span><\/i><\/a><span style=\"font-weight: 400;\">, or you just need some answers for questions that are bothering you, feel confident that Ira or Brandon can still assist you. Telephone consultations and\/or virtual conferences are readily available for anyone feeling the need to discuss their personal or company situation.<\/span><\/p>\n<p style=\"text-align: center;\"><b>The<\/b><a href=\"https:\/\/www.irasmithinc.com\/\"> <b><i>Ira Smith Team<\/i><\/b><\/a><b> is absolutely operational and Ira, in addition to Brandon Smith, is readily available for a telephone consultation or video meeting.<\/b><\/p>\n<figure id=\"attachment_9462-2\" aria-describedby=\"caption-attachment-9462-2\" style=\"width: 1280px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/www.google.com\/maps\/place\/Ira+Smith+Trustee+%26+Receiver+Inc.\/@43.808316,-79.5366937,17z\/data=!3m1!4b1!4m5!3m4!1s0x882b2f0ae005a70f:0x7fde3a2e744a0e1c!8m2!3d43.808316!4d-79.534505\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-9462\" src=\"http:\/\/www.irasmithinc.com\/blog\/wp-content\/uploads\/2020\/06\/insolvencies-in-canada1.jpg\" alt=\"insolvencies in canada\" width=\"1280\" height=\"720\" title=\"\" srcset=\"https:\/\/irasmithinc.com\/blog\/wp-content\/uploads\/2020\/06\/insolvencies-in-canada1.jpg 1280w, https:\/\/irasmithinc.com\/blog\/wp-content\/uploads\/2020\/06\/insolvencies-in-canada1-300x169.jpg 300w, https:\/\/irasmithinc.com\/blog\/wp-content\/uploads\/2020\/06\/insolvencies-in-canada1-1024x576.jpg 1024w, https:\/\/irasmithinc.com\/blog\/wp-content\/uploads\/2020\/06\/insolvencies-in-canada1-768x432.jpg 768w, https:\/\/irasmithinc.com\/blog\/wp-content\/uploads\/2020\/06\/insolvencies-in-canada1-1200x675-cropped.jpg 1200w\" sizes=\"auto, (max-width: 1280px) 100vw, 1280px\" \/><\/a><figcaption id=\"caption-attachment-9462-2\" class=\"wp-caption-text\">insolvencies in canada<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>The Ira Smith Team is absolutely operational and Ira, in addition to Brandon Smith, is readily available for a telephone consultation or video meeting. Insolvencies in Canada introduction Insolvencies in Canada are at a record low.\u00a0 Is it the calm before the scary storm?\u00a0 Consumer insolvencies in Canada have been driven to unusually reduced degrees [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[4305,1051,34,2076,4306,4307,1739,6,4121,4106,4264,21,4303,4023,990,275,688,4304],"class_list":["post-9458","post","type-post","status-publish","format-standard","hentry","category-brandon-blog-post","tag-american-banker","tag-bank-of-canada","tag-bankruptcy-trustee","tag-business-bankruptcy","tag-canada-employment-response-benefit","tag-cerb","tag-consumer-insolvencies","tag-consumer-proposal","tag-coronavirus","tag-covid-19","tag-covid-19-pandemic","tag-debt-relief","tag-insolvencies-in-canada","tag-ira-smith-team","tag-licensed-insolvency-trustee","tag-office-of-the-superintendent-of-bankruptcy-canada","tag-personal-insolvency","tag-tiff-macklem"],"_links":{"self":[{"href":"https:\/\/irasmithinc.com\/blog\/wp-json\/wp\/v2\/posts\/9458","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/irasmithinc.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/irasmithinc.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/irasmithinc.com\/blog\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/irasmithinc.com\/blog\/wp-json\/wp\/v2\/comments?post=9458"}],"version-history":[{"count":5,"href":"https:\/\/irasmithinc.com\/blog\/wp-json\/wp\/v2\/posts\/9458\/revisions"}],"predecessor-version":[{"id":10306,"href":"https:\/\/irasmithinc.com\/blog\/wp-json\/wp\/v2\/posts\/9458\/revisions\/10306"}],"wp:attachment":[{"href":"https:\/\/irasmithinc.com\/blog\/wp-json\/wp\/v2\/media?parent=9458"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/irasmithinc.com\/blog\/wp-json\/wp\/v2\/categories?post=9458"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/irasmithinc.com\/blog\/wp-json\/wp\/v2\/tags?post=9458"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}