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Need to know

Personal insolvencies continue to soar in early 2024

Profession

06 March 2024

Miranda Brownlee

Need to know

Personal insolvencies increased by almost a third in January compared with the same period last year, according to the latest AFSA data.

The total number of personal insolvencies climbed to 1,015 for January, rising from 805 in December.

This was also a 31 per cent increase from the total number of personal insolvencies recorded in January 2023.

Of the new personal insolvencies, 553 were bankruptcies, 452 were debt agreements and ten were personal insolvencies.

Workers entering personal insolvency most commonly worked in the construction, healthcare and retail industries, according to the data.

About the author

Miranda Brownlee

Miranda Brownlee is the news editor of Accounting Times, an online publication delivering analysis and insight to Australian accounting professionals. She was previously the deputy editor of SMSF Adviser and has broad business and financial services reporting experience, having written for titles including Investor Daily, ifa and Accountants Daily. You can email Miranda on: [email protected]

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