Bankruptcies by debtors’ petition and sequestration order
In 2021–22, 91% of new bankruptcies were by debtors’ petition (voluntary bankruptcies). This proportion decreased from 95% in 2020–21. The remaining 9% of new bankruptcies in 2021–22 were by sequestration order (bankruptcies initiated by creditors).
State or territory |
Number of bankruptcies on debtors’ petition in 2020–21 |
Number of bankruptcies on debtors’ petition in 2021–22 |
Number of bankruptcies on sequestration order in 2020–21 |
Number of bankruptcies on sequestration order in 2021–22 |
---|---|---|---|---|
NSW |
2,023 |
1,622 |
126 |
252 |
ACT |
64 |
60 |
8 |
7 |
Vic |
944 |
847 |
91 |
138 |
Qld |
1,948 |
1,634 |
57 |
104 |
SA |
419 |
352 |
13 |
17 |
NT |
40 |
31 |
1 |
2 |
WA |
735 |
616 |
31 |
31 |
Tas |
140 |
172 |
1 |
1 |
Total |
6,313 |
5,334 |
328 |
552 |
Note: Debtor’s petitions include insolvent deceased estates.
There were 4,853 people who were bankrupt sequestration order but had not submitted a statement of affairs. Of these, 85% became bankrupt at least 5 years ago.
Number of years since been made bankrupt by sequestration order |
Number of bankrupts who have not lodged a statement of affairs |
---|---|
Less than one year |
97 |
One year |
136 |
Two years |
117 |
Three years |
216 |
Four years |
167 |
Five to ten years |
1,097 |
More than ten years |
3,023 |
Total |
4,853 |
Trustees administering new bankruptcies
The Official Trustee administers most new bankruptcies. In 2021–22, the Official Trustee administered 76% of bankruptcies. This is a fall from 84% in 2020–21.
State or territory |
Number of bankruptcies administered by the Official Trustee in 2020–21 |
Number of bankruptcies administered by the Official Trustee in 2021–22 |
Number of bankruptcies administered by registered trustees in 2020–21 |
Number of bankruptcies administered by registered trustees in 2021–22 |
---|---|---|---|---|
NSW |
1,809 |
1,382 |
340 |
492 |
ACT |
49 |
48 |
23 |
19 |
Vic |
812 |
677 |
223 |
308 |
Qld |
1,730 |
1,394 |
275 |
344 |
SA |
385 |
316 |
47 |
53 |
NT |
36 |
23 |
5 |
10 |
WA |
609 |
474 |
157 |
173 |
Tas |
135 |
159 |
6 |
14 |
Total |
5,565 |
4,473 |
1,076 |
1,413 |
Temporary debt protections
On 25 March 2020, declarations of intentions were changed to temporary debt protections. From 25 March to 31 December 2020, the length of protection a person can apply for increased from 21 days to six months.
In 2021–22, 207 temporary debt protections were accepted, a decrease of 50% from 2020–21. New South Wales and Queensland had the highest numbers of temporary debt protections accepted in 2020–21.
State or territory |
Number of temporary debt protections accepted in 2020–21 | Number of temporary debt protections accepted in 2021–22 |
---|---|---|
NSW |
170 |
75 |
ACT |
5 |
0 |
Vic |
60 |
29 |
Qld |
97 |
60 |
SA |
23 |
11 |
NT |
2 |
2 |
WA |
47 |
20 |
Tas |
12 |
10 |
Total |
416 |
207 |