The Australian Financial Security Authority (AFSA) has released their personal insolvency activity statistics for the March 2015 quarter. The report details that the number of bankruptcies fell 11.2% this quarter compared to the March 2014 quarter.
John Winter the chief executive of the Australian Restructuring Insolvency & Turnaround Association stated that the reason for the drop is that:
“interest rates are at historical lows, the cost of money is not significant and people are not being put under significant pressure to service their debts”.
Further to this the AFSA statistics revealed that 15.5% of debtors entered in a business related person insolvency. This figure is the lowest it has been since late 2009.
The most common causes of insolvent debtors entering a personal insolvency were economic conditions with 390 debtors and unemployment or loss of income with 1932 debtors.
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