Personal Insolvency Statistics Update July 2014
In it’s latest quarterly statistical update, AFSA have reported a total of 7,076 personal insolvency appointments in the quarter ending June 2014. This is the lowest quarterly figure since December 2005, and a 7% decrease from the same quarter in 2013.
Making up the June 2014 quarter total were 4045 bankruptcies, 2,979 Debt Agreements (Part IX) and 48 Personal Insolvency Agreements (Part X). Trend wise this is the highest ever quarterly number of Debt Agreements since they were introduced in 1997, whilst Bankruptcies have fallen to their lowest quarterly figure since September 2005, and are quite some way off their peak of 7,329 in the quarter ending September 2009.
Of the 7,076 total for the quarter ending June 2014, AFSA have reported 1,166 (16%) to be business related. Of the business related insolvencies 76% were Bankruptcies, 22% Debt Agreements, and 2% Personal Insolvency Agreements.
Geographically the largest number of appointments were in New South Wales with 2,261 appointments (32% of the national total) closely followed by Queensland with 2,099 (30%) and third is Victoria with 1,405 (20%).