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OTTAWA, Ontario — In what has been fairly typical over the last decade, Canada's total insolvencies fell from April to May, this time dipping to 11,526 filings, a drop of 11.3 percent, according to the Office of the Superintendent of Bankruptcy Canada.

Seven of the past 10 years have seen total insolvency filings decrease from April to May, officials pointed out in discussing the latest Insolvency Statistics in Canada — May 2010 report.

Year-over-year, insolvencies were down 12.8 percent. Breaking it down, there was a 12-percent dip in consumer insolvencies and a 29.8-percent decrease in business insolvencies.

Of the filings in May 2010, 8,236 were for bankruptcies, marking a 9.2-percent dip from April. Meanwhile, 3,290 were proposals, representing a 16.1-percent month-over-month decline.

Comparing the 12-month period ending May 31, 2010 with the 12-month period ending May 31, 2009 there was a 10.2-percent upswing in insolvencies in the more recent time frame.

"This is entirely due to an increase in consumer insolvencies," officials noted.

Meanwhile, business insolvencies actually showed a 13.2-percent decline during the more recent 12-month period.

"A reduction in insolvencies in the transportation and warehousing, construction and other services (except public administration) sectors contributed to this decrease," officials stated.

They added: "In May 2010, two Companies' Creditors Arrangement Act proceedings were filed. Please refer to CCAA Records for additional details."  

They further noted that this report, "which pertains to bankruptcies and proposals filed under the Bankruptcy and Insolvency Act, does not include CCAA filings."