The Australian Financial Security Authority (AFSA) has released the quarterly personal insolvency statistics for the December 2014 quarter. The statistics show a fall of 13.7% in bankruptcies compared to the December 2013 quarter, while personal insolvency agreements fell 10%.
This drop follows an 11.6% drop in bankruptcies in the September 2014 quarter compared to the September 2013 quarter.
Bankruptcies fell in all Australian states and territories except for Western Australia.
However, debt agreements increased by 2.5% in the December 2014 quarter, with increases in all states and territories except New South Wales and the Australian Capital Territory. Further, debt agreements in South Australia and the Northern Territory in the December 2014 quarter are the highest number on record in a quarter.
Andrew Fletcher has completed the Australian Restructuring Insolvency & Turnaround Association (ARITA) run Insolvency Education Program, is a current member of ARITA and is qualified to provide advice in relation to restructuring, turnaround and insolvency.
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