Australian bankruptcies – falling numbers continue into the new financial year

The dramatic annual fall in personal insolvencies in Australia to 30 June 2020 has continued with the second half of July 2020 showing yet a further drop to 508 from 587 in the first half of the month in the number of persons entering some personal insolvency arrangement under the Bankruptcy Act.

508 compares with the pre-COVID-19 average figure of 844, for the period 1 July 2019 to 22 March 2020, itself a low figure compared with years before.

The new “temporary debt protections” under s 54A Bankruptcy Act also remain low and static in number – only 38 for the month of July.

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