VI Fitness was among the 90 businesses that declared bankruptcy in B.C. last year. (Black Press Media file photo)

Personal, business bankruptcies down in British Columbia

New 2019 figures were released before COVID-19 pandemic

New figures published by B.C. Statistics, collected well before the current COVID-19 pandemic, show far fewer businesses in B.C. have declared bankruptcy in 2019 compared t0 2010 and 2003.

In 2019, 90 businesses declared bankruptcy, a fraction of incorporated businesses. While the respective timelines of incorporation and bankruptcy rarely match, 2019 saw 44,657 incorporations in all of British Columbia. By contrast, 299 businesses had declared bankruptcy in 2010 and a little more than 1,000 in 2003. That year saw 22,531 incorporations.

RELATED: WATCH: Patrons, staff shocked to find VI Fitness facilities permanently closed

In other words, the number of bankruptcies have gone down over time, as the number of incorporations has gone up, pointing towards an improving business climate in British Columbia during the past two decades.

Personal bankruptcies have also gone down over time. In 2003, 9,393 British Columbia filed for personal bankruptcy. By 2009, at the height of the recession, the figure stood at 10,639 after having dropped during the intervening period. Since then, it has been steadily declining and stood at 4,134 in 2019, a slight increase from the previous year of 4,072.

These bankruptcy figures, collected by the Office of the Superintendent of Bankruptcy Canada, do not reflect current developments, as COVID-19 threatens the provincial economy.


Like us on Facebook and follow @wolfgang_depner

wolfgang.depner@peninsulanewsreview.com

Bankruptcies

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

VIDEO: View Royal resident spots cougar in nearby backyard

B.C. Conservation notified about early Thursday morning sighting

People-less protest in Victoria holds space for victims of police brutality, systematic racism

People are asked to come learn the names of the lives lost to the hands of racism

Greater Victoria tourism industry ‘can’t wait any longer’ for financial aid

Saanich mayor, business owners call on provincial, federal governments for tourism-specific aid

Pauquachin First Nation calls on North Saanich to help restore shellfish in Coles Bay

The nation identifies ‘residential onsite septic systems’ as one of sources of contamination

COVID-19 demolishes new construction in Greater Victoria

Value of new building permits in Greater Victoria drop more than 37 per cent

22 new COVID-19 test-positives, one death following days of low case counts in B.C.

Health officials urged British Columbians to ‘stand together while staying apart’

POLL: Are you sending your children back to school this month?

Classrooms looked decidedly different when students headed back to school for the… Continue reading

Man found dead in his tent at Island homeless camp

Facebook posts tell of personal struggles and attempts to stay clean and sober

New study is first full list of species that only exist in Canada

Almost 40 per cent of them are critically imperilled or imperilled and eight are already extinct

Federal aid for care home systems needed ahead of second wave, advocates say

Ontario Long Term Care Association calling for more action

B.C. woman, 26, fatally shot by police in Edmundston, N.B.

Police were conducting a well-being check at the time of the incident

Horgan calls for national anti-racism program; will pitch idea to PM, premiers

Premier John Horgan said he’s horrified by the death of George Floyd in the United States

Chilliwack dad rescues two young daughters after truck plunges into lake

“I used every single one of my angels that day,” said Dennis Saulnier

Most Read