On 14 October 2016 the Australia Financial Security Authority (ASFA) released its statistics relating to personal insolvencies during the September 2016 quarter.
In general, personal insolvencies have risen 1.1% during the September quarter. Specifically:
- Bankruptcies fell by approximately 3.5%;
- there was an increase in debt agreements by approximately 7.3%; and
- there was a further increase in personal insolvency agreements by approximately 18.2%.
The September 2016 quarter saw the second greatest number of debt agreements on record with 3,307 debt agreements which follows on from the highest recorded amount of debt agreements ever recorded in the June 2016 quarter (in that quarter there were 3,329 debt agreements implemented during that period).
Approximately 18.4% of personal insolvencies in the September quarter were business related with debtors noting in particular that economic conditions were the most common business related cause of their personal insolvency. Unemployment and credit card use was noted by debtors as the most uncommon non-business related reason for entering personal insolvency.
Should you require any further information about AFSA’s September 2016 quarter statistics please do not hesitate to contact us.
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