Bankruptcies and temporary debt protections

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Bankruptcies by debtors’ petition and sequestration order

In 2022–23, 91% of new bankruptcies were by debtors’ petition (voluntary bankruptcies). This proportion kept the same value in 2021–22. The remaining 9% of new bankruptcies in 2022–23 were by sequestration order (bankruptcies initiated by creditors).

State or territory

Number of bankruptcies on debtors’ petition in 

2021–22

Number of bankruptcies on debtors’ petition in

2022–23

Number of bankruptcies on sequestration order in

2021–22

Number of bankruptcies on sequestration order in

2022–23

NSW

1,622

2,093

252

251

ACT

60

46

7

3

Vic

847

800

138

112

Qld

1,634

1,341

104

69

SA

352

342

17

17

NT

31

28

2

4

WA

616

437

31

30

Tas

172

179

1

4

Total

5,334

5,266

552

490

Note: Debtor’s petitions include insolvent deceased estates.

There were 4,887 people who were bankrupt by sequestration order but had not submitted a statement of affairs. Of these, 86% 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

96

One year

160

Two years

113

Three years

101

Four years

197

Five to ten years

1,047

More than ten years

3,173

Total

4,887

Trustees administering new bankruptcies

The Official Trustee administers most new bankruptcies. In 2022–23, the Official Trustee administered 76% of bankruptcies. This is the same value with 76% in 2021–22.

State or territory Number of bankruptcies administered by the Official Trustee in 2021–22 Number of bankruptcies administered by the Official Trustee in 2022–23 Number of bankruptcies administered by registered trustees in 2021–22 Number of bankruptcies administered by registered trustees in 2022–23

NSW

1,382

1,697

492

647

ACT

48

36

19

13

Vic

677

677

308

235

Qld

1,394

1,133

344

277

SA

316

306

53

53

NT

23

22

10

10

WA

474

320

173

147

Tas

159

161

14

22

Total

4,473

4,352

1,413

1,404

Temporary debt protections

In 2022–23, 238 temporary debt protections were accepted, an increase of 15% from 2021–22. New South Wales and Queensland had the highest numbers of temporary debt protections accepted in 2022–23.

State or territory Number of temporary debt protections accepted in 2021–22 Number of temporary debt protections accepted in 2022–23

NSW

75

108

ACT

0

2

Vic

29

35

Qld

60

50

SA

11

12

NT

2

1

WA

20

21

Tas

10

9

Total

207

238