Personal Insolvency Stats - July 2022

AFSA have released personal insolvency figures for July 2022 and they were surprisingly low.

There were 692 personal insolvencies in July, down 17% YoY and 19% from June 2022.

The appointments broke down as follows:
🔵 410 Bankruptcies
🔵 274 Debt Agreements
🔵 8 Personal insolvency Agreements

162 (or 23%) of all personal insolvencies were business related, however, it's worth noting that 33.7% of Bankruptcies were business related, which is historically fairly high.

Despite the resurgence in corporate insolvencies in July 2022, personal insolvency not only remains at historic lows, but fell back to near-all-time lows.

I suspect that personal insolvencies will remain depressed for quite some time. While the ATO has started to pursue corporate debt, and other creditors have started to follow their lead, the same pressure just isn't being applied to individuals as yet.