COVID: Insolvency advisers warning of post-pandemic financial stress

COVID: Insolvency advisers warning of post-pandemic financial stress

Government assistance programs and bank payment deferrals have cushioned the economic blows of the pandemic for many, but once those all end in the coming months, financial stresses will return. Consumer bankruptcies and debt-settlements in B.C. have plummeted during COVID-19, which sounds like a good thing, but insolvency trustees worry that troubles lurk beneath the surface. Statistics from the Superintendent of Bankruptcy show that 2,099 B.C. consumers filed for debt relief in the last three months of 2020, a 28 per cent decline from the same period of 2019 and the portion of filings for straight-up bankruptcy, 593, represented a 44 per cent drop.

Publishing date: Derrick Penner

Apr 18, 2021  •  52 minutes ago  •  3 minute read  •  Join the conversation Linda Paul, senior vice-president and licensed insolvency trustee for the accounting and consulting firm MNP. PNG Article content Author of the article:

Article content “But as that stuff ends, it’s very likely that this is going to be kind of coming home to roost,” said the Calgary-based Stack. This advertisement has not loaded yet, but your article continues below.

Advertisement “Creditors weren’t really coming after citizens, and of course the government supports (were) kind of staving off people taking those steps (of filing for bankruptcy),” said Shawn Stack, vice-president of the insolvency trustee Bromwich+Smith.

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