Personal insolvencies increased in March 2022, according to new monthly statistics released today by the Australian Financial Security Authority (AFSA).
From 1 March to 31 March, 873 people entered into a formal personal insolvency option up from 690 in February 2022.
Of the new personal insolvencies, 562 were bankruptcies, 302 were debt agreements and 9 were personal insolvency agreements.
Where we could identify the industry an individual worked in, the most common industries were:
- health care and social assistance
- retail trade.
In March 2022, there were 24 new temporary debt protections.
Throughout the period, 219 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.