Personal insolvencies increased in June 2022, according to new monthly statistics released today by the Australian Financial Security Authority (AFSA).
During June, there were 852 new formal personal insolvencies - up from 751 in May.
Of the new personal insolvencies, 503 were bankruptcies, 338 were debt agreements and 11 were personal insolvency agreements. There were no new insolvent deceased estates in June 2022.
Where we could identify the industry an individual worked in, the most common industries were:
- construction
- health care and social assistance
- other services.
In June 2022, there were 24 new temporary debt protections.
Throughout the period, 180 people who declared bankruptcy were also involved in a business - up from 138 in May.
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.
