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                <gco:CharacterString>AFSA publish provisional quarterly and annual personal insolvency statistics on bankruptcies, debt agreements and personal insolvency agreements for all states and territories. 

Bankruptcy is a process where people who cannot pay their debts become bankrupt to receive the protection of the Bankruptcy Act 1966 and their estate is administered by a trustee. It allows for the fair distribution of property among creditors and the prosecution of dishonest debtors.

A debt agreement is an arrangement between a person who cannot pay their debts and their creditors. It is a formal arrangement under Part IX of the Bankruptcy Act. A debt agreement results from creditors voting to accept a proposal from a debtor to settle their debts. To be eligible to propose a debt agreement, a debtor must be insolvent and meet threshold levels relating to unsecured debts and assets and after-tax income.

Personal insolvency agreement (PIA): under Part X of the Bankruptcy Act, a personal insolvency agreement results from creditors accepting a debtor’s proposal to settle his or her debts. Unlike debt agreements, personal insolvency agreements are not subject to income, asset or debt thresholds.

Please see our guide to learn more about the provisional personal insolvency statistics (https://www.afsa.gov.au/resources/statistics/provisional-bankruptcy-and-personal-insolvency-statistics/guide-to-provisional-personal-insolvency-activity-statistics).
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                <gco:CharacterString>Learn more about the provisional personal insolvency statistics.

This guide is copied from the AFSA website: https://www.afsa.gov.au/statistics/guide. </gco:CharacterString>
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                <gco:CharacterString>Total new personal insolvencies by type, quarter and Australian states and territories. Counted by personal insolvency administrations.

Number of bankruptcies (new administrations under Parts IV and XI of the Bankruptcy Act 1966)

Number of debt agreements (new administrations under Part IX of the Bankruptcy Act 1966)

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There is a series break for all personal insolvency types in the September quarter 2017. From the September quarter 2017, geographic coding of personal insolvency statistics follows a new method. National totals are not affected.

There is a series break in the March quarter 2019. From this quarter, we implemented a change to the reporting of administrations with multiple debtors who live in different states or territories. These figures count unique administrations in each state and territory. State and territory figures will not necessarily sum to the national total. If multiple debtors in the same state or territory enter into a joint administration, they are only included once in these figures.</gco:CharacterString>
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There is a series break for all personal insolvency types in the September quarter 2017. From the September quarter 2017, geographic coding of personal insolvency statistics follows a new method. National totals are not affected.

There is a series break in the September quarter 2019. The majority of debt agreement law reforms amendments commenced on 27 June 2019.</gco:CharacterString>
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There is a series break for personal insolvency agreements in the September quarter 2017. From this quarter, we implemented a minor change in the date used for reporting purposes for personal insolvency agreements. This affects all personal insolvency agreement figures, including the national total.

There is a series break in the March quarter 2019. From this quarter, we implemented a change to the reporting of administrations with multiple debtors who live in different states or territories. These figures count unique administrations in each state and territory. State and territory figures will not necessarily sum to the national total. If multiple debtors in the same state or territory enter into a joint administration, they are only included once in these figures.</gco:CharacterString>
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In addition, from the September quarter 2017, we implemented a minor change in the date used for reporting purposes for personal insolvency agreements. This affects all personal insolvency agreement figures, including the national total.

There is a series break in the March quarter 2019. From this quarter, we implemented a change to the reporting of administrations with multiple debtors who live in different states or territories. These figures count unique administrations in each state and territory. State and territory figures will not necessarily sum to the national total. If multiple debtors in the same state or territory enter into a joint administration, they are only included once in these figures.

There is a series break in the September quarter 2019. The majority of debt agreement law reforms amendments commenced on 27 June 2019.
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                        <gco:CharacterString>Total personal insolvencies per quarter Sep-1995 to Jun-2005</gco:CharacterString>
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                <gco:CharacterString>The Bankruptcy Amendment (Debt Agreement Reform) Act 2018 received Royal Assent on Thursday 27 September 2018. The majority of the amendments commenced on 27 June 2019.

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