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Bankruptcy filings soar

October 07, 2020


Earlier this week, Epiq, a global leader in legal services released a report on US bankruptcy filings in the US for September, and the news was not good, with a dramatic rise of 78%!

While this is not Canada, the global trend of business closures dictates that no country will be immune, including Canada. Mark Hall, VP Global Elevate Insurance ( ) said, ‘even if you are exporting to an existing and loyal customer, there has never been a more important time to add insurance to reduce risk. It is even more important when dealing with new customers.’

The report tells us that the majority of these filings are in the SME sector because access to capital is drying up. The report states that larger companies are attracting new investors because of their size and security. There is a much higher probability in them surviving the storm. However, there is still risk.

Hall goes on to say that, ‘ while the larger companies are stable, they may decide to shutter operations in other countries, so exporters may not be immune if they are in this supply chain.’

Mark has 22 years of experience protecting Canadian exporters, finding the right insurance and the right price.

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