Personal insolvencies increased in August 2022, according to new monthly statistics released today by the Australian Financial Security Authority (AFSA).
During August, there were 886 new formal personal insolvencies – up from 692 in July.
Of the new personal insolvencies, 515 were bankruptcies, 361 were debt agreements, 9 were personal insolvency agreements and 1 insolvent deceased estate in August 2022.
Where we could identify the industry an individual worked in, the most common industries were:
- other services
- construction
- health care and social assistance.
In August 2022, there were 14 new temporary debt protections.
Throughout the period, 173 people who declared bankruptcy were also involved in a business – up from 138 in July.
People experiencing financial stress are encouraged to seek support early. Free confidential assistance is available through the .
If you’re facing serious unmanageable debt and considering formal insolvency options, reach out to a registered trustee or registered debt agreement administrator.
