A business that enters a formal process, or against whom an order has been made to sign over their assets as they cannot meet their financial obligations.
- The number of business bankruptcies in Peel Region continued to trend downward and fell to a multi-year low of 49 cases in 2019.
- Compared to 2018, cumulative net liabilities of all business bankruptcies increased by 65.5 per cent to $123.3 million.
- Net liabilities per business bankruptcy increased by 139.8 per cent.
A total of 49 cases of business bankruptcies were recorded in Peel Region in 2019, down from 71 cases in 2018.
The lower number of cases observed in 2019 extended the general downward trend in business bankruptcies in Peel Region, since recession related highs recorded a decade earlier.
Net Liability of Business Bankruptcies
Cumulative net liabilities of all business bankruptcies increased by 65.5 per cent in 2019.
However, net liabilities per business bankruptcy case increased by 139.8 per cent relative to 2018, indicating that there were larger net liabilities for the business bankruptcies in 2019.