Personal insolvencies decreased in July 2022, according to new monthly statistics released today by the Australian Financial Security Authority (AFSA).
During July, there were 692 new formal personal insolvencies - down from 852 in June.
Of the new personal insolvencies, 410 were bankruptcies, 274 were debt agreements and 8 were personal insolvency agreements. There were no new insolvent deceased estates in July 2022.
Where we could identify the industry an individual worked in, the most common industries were:
- construction
- retail trade
- health care and social assistance.
In July 2022, there were 19 new temporary debt protections.
Throughout the period, 138 people who declared bankruptcy were also involved in a business - down from 180 in June.
People experiencing financial stress are encouraged to seek support early. Free confidential assistance is available through the National Debt Helpline.
If you're facing serious unmanageable debt and considering formal insolvency options, reach out to a registered trustee or registered debt agreement administrator.
