Personal insolvencies increased in February 2023, according to new monthly statistics released today by the Australian Financial Security Authority (AFSA).
During February, there were 796 new formal personal insolvencies – rising from 772 in January.
Of the new personal insolvencies, 511 were bankruptcies, 274 were debt agreements, 8 were personal insolvency agreements and 3 were insolvent deceased estates.
Where we could identify the industry an individual worked in, the most common industries were:
- Health care and social assistance
- Retail trade
In February 2023, there were 19 new temporary debt protections.
Throughout the period, 176 people who declared bankruptcy were also involved in a business – rising from 142 in January.
People experiencing financial stress are encouraged to seek support early. Free confidential assistance is available through the National Debt Helpline.
If you’re facing serious unmanageable debt and considering formal insolvency options, reach out to a registered trustee or registered debt agreement administrator.
More information about our statistics is available at afsa.gov.au/statistics.
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