In 2017–18, 91% of new bankruptcies were by debtors’ petition (voluntary bankruptcies). This is an increase from 90% in 2016–17.
The remaining 9% of new bankruptcies were by sequestration order (bankruptcies initiated by creditors).
By state and territory, the proportion of bankruptcies by debtors’ petition in 2017–18 varied between 85% in Northern Territory and 95% in Tasmania.
|State or territory||Number of bankruptcies on debtors' petition in 2016-17||Number of bankruptcies on debtors' petition in 2017-18||Number of bankruptcies on sequestration order in 2016-17||Number of bankruptcies on sequestration order in 2017-18|
Most new bankruptcies are administered by the Official Trustee.
In 2017–18, the Official Trustee administered 81% of bankruptcies. This proportion did not change from 2016–17.
Registered trustees administered the remaining 19% in 2017–18.
By state and territory, the proportion of bankruptcies administered by the Official Trustee varied between 74% in Australian Capital Territory and 89% in Tasmania.
|State or territory||Number of bankruptcies administered by Official Trustee in 2016–17||Number of bankruptcies administered by Official Trustee in 2017–18||Number of bankruptcies administered by registered trustees in 2016–17||Number of bankruptcies administered by registered trustees in 2017–18|
A declaration of intention provides temporary relief for up to 21 days. During this period, unsecured creditors cannot take any action to recover debts.
In 2017–18, 388 declarations of intention were accepted, which was a decrease of 16 or 4% from 2016–17. New South Wales and Queensland had the highest numbers of declarations of intention accepted in 2017–18.
|State or territory||Number of declarations of intention accepted in 2016-17||Number of declarations of intention accepted in 2017-18|