Forecast 238,000 Insolvencies

An estimated 58,000 small businesses have permanently closed with another 180,000 in peril, the Senate national finance committee was told yesterday. The 2008 recession saw 158,000 bankruptcy filings, by federal estimate. “The stress that business owners are under is incredible,” testified Dan Kelly, CEO of the Canadian Federation of Independent Business: “Those businesses were closed down in order to protect society.”

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