August 2022 Personal Insolvency Appointments

Personal insolvency stats are out for the month of August 2022 with 886 new appointments. While up 17% from last month's ultra-low numbers, this is still a 7% decline on August 2021 and keeps personal insolvencies at record lows.

Breaking the appointments down there were:
⚠️ 515 Bankruptcies
⚠️ 361 Debt Agreemetns
⚠️ 9 Personal Insolvency Agreements
⚠️ 1 Insolvent deceased Estate

22% of personal insolvencies in August were business related, which is a bit lower than the long term average of around 28%, but inline with recent months.

Following the pick up in corporate insolvency appointments through July and August 2022, I had expected to see personal insolvency appointments starting to rise as well. Both numbers are historically fairly closely correlated. However, that hasn't been the case. This could mean personal insolvency appointments are just lagging corporate appointments a bit, or it could be a sign of a new normal, where personal insolvency appointment numbers are just lower than we are used to.

Source: https://www.afsa.gov.au/about-us/statistics/monthly-personal-insolvency-statistics