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Australian Bankruptcies Hit a Six Year Low

Canberra, Australia (News4us.com) April 11, 2011

Australian Bankruptcies Hit a Six Year Low

Australian Bankruptcies Hit a Six Year Low

Attorney-General Robert McClelland today welcomed new figures which show the number of bankruptcies are their lowest level in nearly six years.

Mr McClelland said the figures, released today by the Insolvency and Trustee Service Australia (ITSA), show that during the March 2011 quarter there were 17.4 per cent fewer bankruptcies in Australia than for the same period in 2010.

Total personal insolvency activity also fell by 15.99 per cent over the same period.

“This result is very encouraging, and mark the fifth consecutive quarter of decline in personal insolvency activity,” Mr McClelland said.

“These figures represent the lowest number of bankruptcies filed since the December 2005 quarter.

“Personal insolvency activity has dropped in all States and Territories except Tasmania, with decreases of 14 per cent or more in New South Wales, Victoria, Queensland and South Australia.

“In 2010, the Government introduced significant reforms aimed at helping Australians avoid bankruptcy over relatively small debts.

“These reforms give people in financial difficulty a better opportunity to consider their options and to avoid bankruptcy if possible.

“The Government will continue ensure Australia’s bankruptcy laws are able to deal with personal insolvency issues efficiently and effectively.

“We want to ensure that Australians in financial distress have reasonable and accessible options available to them so they can get back on their feet as soon as possible.”

“While these are strong figures, we need to bear in mind that recent natural disasters have had a significant impact on the economy.  It is possible this may be reflected in future figures.”

The statistics are available on ITSA website at www.itsa.gov.au


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