Insolvency and bankruptcy spike due to Covid-19: AFSA

Insolvency and bankruptcy spike due to Covid-19: AFSA
Staff reporterMarch 29, 2020

Between 9 and 22 March, 887 people entered into a new personal insolvency in Australia, according to AFSA, the Australian governmental financial authority.

Where they could identify the industry, the most common industry was health care and social assistance. Over this period, 230 of these people were involved in a business.

Construction was the most common industry where people who entered into new personal insolvencies were involved in a business.

The number of people who entered into a new personal insolvency increased from 830 between 24 February and 8 March 2020 to 887 people between 9 and 22 March. The number involved in businesses also increased, from 206 to 230.

The average number of people entering into a new personal insolvency per fortnight between 1 July 2019 and 22 March 2020 is 844.

Editor's Picks

City Beat January 2025: Sydney property market cooldown slows as new apartment pipeline ramps up
26 Vista Street, Surfers Paradise apartment development, hits 70 per cent sold
Latent Defects Insurance 101: What is the Technical Inspection Service (TIS) Program
City Beat January 2025: Gold Coast property values continue to grow as off the plan enquiries hit near 12-month high
Live parkside in Melbourne for under $500,000