Canada's bankruptcy office says there were nearly 13,000 insolvencies reported by individuals and businesses in April, down 10.1 per cent from a year earlier.
The number of insolvencies, which includes bankruptcies and proposals for settling debt under duress, was also down 2.5 per cent from March.
The monthly data suggest the strong economic recovery that began last fall has improved the financial circumstances of Canadians.
The bankruptcy office says businesses have fared particularly well with a 13.2 per cent decrease in insolvencies over April 2009. There was a small increase on insolvencies from March, however, of 5.1 per cent.
From April 2009, there were 10 per cent fewer consumer insolvencies, and a 2.8 per cent decrease from March of this year.
Accumulated insolvencies during 12 months ended April 30, which included the impacts of the recession, showed an increase of 14 per cent compared to the 12-month period that ended April 30, 2009.