Personal insolvencies increased in May 2022, according to new monthly statistics released today by the Australian Financial Security Authority (AFSA).
During May, there were 751 new formal personal insolvencies – up from 700 in April.
Of the new personal insolvencies, 457 were bankruptcies, 278 were debt agreements, 12 were personal insolvency agreements and 4 were deceased estates.
The most common industries individuals disclosed on their insolvency form were:
- health care and social assistance
- construction
- other services.
In May 2022, there were 18 new temporary debt protections.
Throughout the period, 138 people who declared bankruptcy were also involved in a business – down from 162 in April.
AFSA Chief Executive Tim Beresford highlighted how important it is for people experiencing financial stress to seek support from trustworthy sources.
‘Many Australians are experiencing financial difficulties in the face of challenging economic conditions,’ Mr Beresford said.
‘There are options available – if you’re in financial stress, please seek help from a professional as early as possible.’
‘Free confidential assistance is available through the National Debt Helpline, or you could reach out to a registered trustee for trustworthy advice.’
More information about our statistics is available on the AFSA website: afsa.gov.au/statistics.
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.
