June 2022 Personal Insolvency Stats

AFSA has released personal insolvency stats for June 2022.

Last month there were 852 personal insolvency appointments, an increased on the 751 in May. This is slightly lower than the 888 we have in June 2021 and less than half of the long run average.

In June there were:
⚡️ 503 Bankruptcies
⚡️ 338 Debt Agreements
⚡️ 11 Personal Insolvency Agreements

For all of FY2021-22 there were 9,550 personal insolvencies, significantly less than the 10,628 in FY2020-21 and less than half of the 21,079 we saw in FY2019-20.

Personal insolvency appointments still have a long way to go to get back to pre-pandemic levels. However, I expect to see them pick up substantially over the next 18 months as the impact of higher interest rates, slow wage growth, high inflation and a probable recession all combine to put more individuals into financial difficulty.