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Personal insolvencies decreased in April 2022 according to new monthly statistics released today by the Australian Financial Security Authority (AFSA).
During April, 700 people entered into a formal personal insolvency – down from 873 in March.
Of the new personal insolvencies, 430 were bankruptcies, 261 were debt agreements, 8 were personal insolvency agreements and one was a deceased estate.
Where we could identify the industry an individual worked in, the most common industries were:
- Other services
- Health care and social assistance.
In April 2022, there were 16 new temporary debt protections.
Throughout the period, 177 people who declared personal insolvency were also involved in a business.
For the purposes of AFSA statistics, a business-related personal insolvency includes people who are a sole trader, including as a contractor, sub-contractor, in a partnership or similar. This category also includes individuals who have been a director or held a management role in a company.
More information about our monthly statistics is available on the AFSA website.
If you’re in financial difficulty, free confidential assistance is available through the National Debt Helpline, or you could reach out to a registered trustee to explore the options available.
If you decide that a formal insolvency option is the best choice for your circumstances, make sure you understand your obligations – find out more at afsa.gov.au.