Bankruptcies lowest since 1996

The number of bankruptcies in the March quarter of 2013 was the lowest level recorded in a quarter since 1996, according to the latest data from the Insolvency and Trustee Service Australia.

The data indicated that total personal insolvency activity was at its lowest quarterly level in seven years, with 18 per cent of all debtors entering a business-related personal insolvency during the quarter.

All states and territories, with the exception of the Northern Territory, experienced drops in total personal insolvency activity over the past 12 months.

Of those debtors entering business-related personal insolvency administration, the most commonly cited cause was the economy followed by unknown reasons and ill health.

For non-business related personal insolvency, unemployment was cited as the main reason as well as excessive use of credit and domestic discord.

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