Bankruptcies by debtors’ petition and sequestration order
In 2020–21, 95% of new bankruptcies were by debtors’ petition (voluntary bankruptcies). This proportion rose from 92% in 2019–20. The remaining 5% of new bankruptcies in 2020–21 were by sequestration order (bankruptcies initiated by creditors).
|
State or territory |
Number of bankruptcies on debtors’ petition in 2019–20 |
Number of bankruptcies on debtors’ petition in 2020–21 |
Number of bankruptcies on sequestration order in 2019–20 |
Number of bankruptcies on sequestration order in 2020–21 |
|---|---|---|---|---|
|
NSW |
3,371 |
2,023 |
326 |
126 |
|
ACT |
109 |
64 |
19 |
8 |
|
Vic |
1,876 |
944 |
223 |
91 |
|
Qld |
3,374 |
1,948 |
205 |
57 |
|
SA |
742 |
419 |
51 |
13 |
|
NT |
119 |
40 |
8 |
1 |
|
WA |
1,616 |
735 |
112 |
31 |
|
Tas |
286 |
140 |
12 |
1 |
|
Total |
11,493 |
6,313 |
956 |
328 |
There were 4,855 people who were bankrupt sequestration order but had not submitted a statement of affairs. Of these, 79% 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 |
98 |
|
One year |
212 |
|
Two years |
253 |
|
Three years |
197 |
|
Four years |
256 |
|
Five to ten years |
1,400 |
|
More than ten years |
2,439 |
|
Total |
4,855 |
Trustees administering new bankruptcies
The Official Trustee administers most new bankruptcies. In 2020–21, the Official Trustee administered 84% of bankruptcies. This is a fall from 81% in 2019–20
|
State or territory |
Number of bankruptcies administered by the Official Trustee in 2019–20 |
Number of bankruptcies administered by the Official Trustee in 2020–21 |
Number of bankruptcies administered by registered trustees in 2019–20 |
Number of bankruptcies administered by registered trustees in 2020–21 |
|---|---|---|---|---|
|
NSW |
2,997 |
1,809 |
700 |
340 |
|
ACT |
82 |
49 |
46 |
23 |
|
Vic |
1,617 |
812 |
482 |
223 |
|
Qld |
2,991 |
1,730 |
588 |
275 |
|
SA |
685 |
385 |
108 |
47 |
|
NT |
103 |
36 |
24 |
5 |
|
WA |
1,319 |
609 |
409 |
157 |
|
Tas |
271 |
135 |
27 |
6 |
|
Total |
10,065 |
5,565 |
2,384 |
1,076 |
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 2020–21, 416 temporary debt protections were accepted, a decrease of 9% from 2019–20. 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 2019–20 | Number of temporary debt protections accepted in 2020–21 |
|---|---|---|
|
NSW |
205 |
170 |
|
ACT |
3 |
5 |
|
Vic |
60 |
60 |
|
Qld |
93 |
97 |
|
SA |
19 |
23 |
|
NT |
6 |
2 |
|
WA |
67 |
47 |
|
Tas |
4 |
12 |
|
Total |
457 |
416 |