Bankruptcies by debtors' petition and sequestration order
Debtors' petitions
In 2014–15, 90% of new bankruptcies were on debtors’ petitions. This was a rise from 89% in 2013–14.
New bankruptcies on debtors’ petitions fell from 16,534 in 2013–14 to 15,449 in 2014–15. The main contributor to this fall was New South Wales.
There were only two states or territories where bankruptcies on debtors’ petitions rose in 2014–15 compared to 2013–14:
- Western Australia rose from 1,137 to 1,218
- Northern Territory rose from 76 to 93.
Sequestration orders
In 2014–15, 10% of new bankruptcies were on sequestration orders. This was a fall from 11% in 2013–14.
New bankruptcies on sequestration orders fell from 2,058 in 2013–14 to 1,708 in 2014–15. The main contributor to this fall was New South Wales.
There were only two states or territories where bankruptcies on sequestration orders rose in 2014–15 compared to 2013–14:
- South Australia rose from 76 to 101
- Northern Territory rose from 7 to 11.
| State or territory | Number of bankruptcies on debtors' petition in 2013-14 | Number of bankruptcies on debtors' petition in 2014-15 | Number of bankruptcies on sequestration order in 2013-14 | Number of bankruptcies on sequestration order in 2014-15 |
|---|---|---|---|---|
| NSW | 5,372 | 4,792 | 723 | 548 |
| ACT | 166 | 165 | 17 | 14 |
| Vic | 3,345 | 3,094 | 511 | 462 |
| Qld | 4,855 | 4,590 | 496 | 391 |
| SA | 1,117 | 1,068 | 76 | 101 |
| NT | 76 | 93 | 7 | 11 |
| WA | 1,137 | 1,218 | 184 | 150 |
| Tas | 466 | 429 | 44 | 31 |
| Total | 16,534 | 15,449 | 2,058 | 1,708 |
Trustees administering new bankruptcies
Most new bankruptcies are administered by the Official Trustee:
- the Official Trustee administered 81% of bankruptcies in 2014–15, a rise from 79% in 2013–14
- registered trustees administered 19% of bankruptcies in 2014–15, a fall from 21% in 2013–14.
The number of new bankruptcies fell from 18,592 in 2013–14 to 17,157 in 2014–15:
- bankruptcies administered by the Official Trustee fell from 14,709 to 13,858
- bankruptcies administered by registered trustees fell from 3,883 to 3,299.
New South Wales was the main contributor to the fall in the number of new bankruptcies.
| State or territory | Number of bankruptcies administered by Official Trustee in 2013–14 | Number of bankruptcies administered by Official Trustee in 2014–15 | Number of bankruptcies administered by registered trustees in 2013–14 | Number of bankruptcies administered by registered trustees in 2014–15 |
|---|---|---|---|---|
| NSW | 4,787 | 4,371 | 1,308 | 969 |
| ACT | 132 | 139 | 51 | 40 |
| Vic | 3,023 | 2,776 | 833 | 780 |
| Qld | 4,261 | 4,045 | 1,090 | 936 |
| SA | 1,018 | 995 | 175 | 174 |
| NT | 62 | 78 | 21 | 26 |
| WA | 1,004 | 1,052 | 317 | 316 |
| Tas | 422 | 402 | 88 | 58 |
| Total | 14,709 | 13,858 | 3,883 | 3,299 |
Declarations of intention
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 2014–15, 511 declarations of intention were accepted. This was a fall from 761 in 2013–14. Queensland and New South Wales accounted for more than half of this fall.
The only state or territory where the number of declarations of intention rose in 2014–15 compared to 2013–14 was the Australian Capital Territory.
| State or territory | Number of declarations of intention accepted in 2013-14 | Number of declarations of intention accepted in 2014-15 |
|---|---|---|
| NSW | 297 | 225 |
| ACT | 8 | 10 |
| Vic | 119 | 76 |
| Qld | 183 | 110 |
| SA | 39 | 28 |
| NT | 8 | 2 |
| WA | 79 | 46 |
| Tas | 28 | 14 |
| Total | 761 | 511 |