Bankruptcy figures - record quarter

I need to be careful how I phase my words in relation to the latest bankruptcy and personal insolvency statistics that were released today. Unfortunately there are an ever increasing number of Australians requiring the services of administrators such as Fox Symes, Debt Relief & Australian Debt Reduction.

There is a clear trend away from being declared bankrupt and entering into debt agreements. FSA with its three above named businesses is set to continue to benefit from this trend. FSA have maintained approximately 50 per cent market share over the last few years. Provided market share is retained, the good times should flow, well at least cash anyway.

Given the sensitivity, I might just quote the official government line. I have also added a table with the last two years figures for debt agreements.

Personal insolvency activity in 2013–14

• Bankruptcies fell in all states and territories in 2013–14 compared to 2012–13. Bankruptcies are at their lowest annual level since 1995–96.
• Debt agreement activity in 2013–14 reached the highest level on record in a financial year. The previous record occurred in 2012–13.
• The rise in debt agreements did not offset falls in bankruptcies and personal insolvency agreements. As a result, total personal insolvency activity fell 4.24% in 2013–14 compared to 2012–13.

Personal insolvency activity in the June quarter 2014

• Bankruptcies in the June quarter 2014 reached the lowest level since the June quarter 1995.
• Bankruptcies fell 25.14% in the June quarter 2014 compared to the June quarter 2013.
• The number of debt agreements in the June quarter 2014 is the highest number on record in a quarter. The previous record for a quarter was in the March quarter 2014.
• Debt agreements in New South Wales, Australian Capital Territory, Queensland and Western Australia in the June quarter 2014 are the highest number on record in a quarter.
• The rise in debt agreements did not offset falls in bankruptcies and personal insolvency agreements. As a result, total personal insolvency activity fell 9.04% in the June quarter 2014 compared to the June quarter 2013.
• Total personal insolvency activity fell in all states and territories except Western Australia and the Northern Territory in the June quarter 2014 compared to the June quarter 2013.

	Column 1	Column 2
0	June quarter 2012	2,218​
1	September quarter 2012	2,422​
2	December quarter 2012	2,510​
3	March quarter 2013	2,376​
4	June quarter 2013	2,344​
5	September quarter 2013	2,459​
6	December quarter 2013	2,589​
7	March quarter 2014	2,678​
8	June quarter 2014	2,979​

Go Queensland!