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The new Bankruptcy Online system commenced on 2 January 2020; this introduced changes to the Statement of Affairs form. This will change our personal insolvency statistics from the March quarter 2020.
We are changing our method of defining business related personal insolvencies with the March quarter 2020 release of statistics. This change will apply to all types of personal insolvency in our statistics.
Further information about Bankruptcy online and the new Statement of Affairs is available on our website.
We currently use the debtor’s selection of the main cause of their insolvency from a list on the superseded Statement of Affairs. The list separated business and non-business related causes. If a debtor selected a business related cause, we report this as a business related personal insolvency.
We have published business and non-business statistics for the December quarter 2019 using this definition.
The new Statement of Affairs allows debtors to report one or many reasons for their insolvency.
Statistics releases from the March quarter 2020 will use a new definition for a business related personal insolvency.
A personal insolvency will be business related if the debtor has operated a business in the last five years, or two years for a debt agreement. A business is defined as:
- operated as sole trader, including as a contractor, subcontractor or similar; or
- been involved in a partnership; or
- been a director/secretary in a company; or
- held a management role in a company.
We will publish technical notes to explain these changes with statistics for the March quarter 2020.
We have published provisional business and non-business related personal insolvency statistics for December quarter 2019 with the new definition for comparison. We will publish revised time series to reflect this change in definition from the March quarter 2020.
For enquiries about our statistics or to provide feedback, please email statistics [at] afsa.gov.au.