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Insolvencies, both consumer and business, continue to grow on an annual basis.

In June, consumer insolvencies rose 4.6% year over year, said a Scotiabank report released Wednesday. Insolvencies comprise bankruptcies and proposals, the latter of which are offers to creditors to settle debts under new terms. June’s increase in consumer insolvencies was driven by an acceleration in proposals, the report said.

Year over year, proposals climbed at a growth rate of 14% in June, marking the ninth consecutive month of double-digit expansion, the report said. Proposals exhibited an increase in their growth rate shortly after the Bank of Canada started increasing its key interest rate in 2017, it said. Despite that rate holding steady since last October, proposals have continued to climb.

Ontario leads the way, with a growth rate in proposals that’s almost two times larger than that of Canada overall. The province’s three-month moving average of year-over-year growth in proposals is about 23%, the report said.

In contrast to proposals, consumer bankruptcies fell. Bankruptcies decreased by 7.4% year over year in June, the largest contraction in a year, likely due to the Bank of Canada holding its key interest rate since last fall, the report said.

Overall, the growth rate of consumer bankruptcies in Canada has been contracting since January 2014, it said.

Alberta is an exception. After a period of recovery from the oil crisis in 2014, Alberta’s insolvency rates fell in 2017 and began accelerating again in mid-2018. (Rates in the province are now falling.)

For businesses, insolvencies reached a new level in June, in part due to a struggling manufacturing sector. The three-month moving average of year-on-year growth in business insolvencies was 11.4%—an 11-year high, the report said. The increase was driven by insolvencies in manufacturing, which comprises more than one-third of the goods-producing sector of GDP, it said.

For more details, read the Scotiabank report.