Monday 29 April 2013

Bankruptcy's boom burbs

THE inspector general in bankruptcy released the Insolvency Trustee Service of Australia's (ITSA) latest postcode-focused analysis of personal insolvency today and as far as NSW goes, the news is not good for Blacktown.

The western Sydney suburb - along with neighbouring suburbs within the 2770 postcode - recorded a 6.1 per cent increase in bankruptcies among its residents in the 2011 – 2012 period.

This represented an increase of 10 - from 163 bankrupts the previous year - to 173. (See the data for NSW here)

No postcode can boast more bankrupts. In per capita terms it means one in 349 of those residing within the 2770 postcode has experienced their own personal financial crisis.

In terms of per capita alone however, Blacktown's bankrupts represent an infinitesimal minority compared to 2555, the postcode encompassing Richmond and including Badgery's Creek. There one in 114 are bankrupt.

The ITSA numbers also show that overall the number of bankrupts within NSW fell – from 8,313 in the previous year to 7,874 in 2011 - 2012. Alternative insolvency arrangements however increased.

The number of debtors subject to debt agreements for example rose from 2,653 to 3,091, a jump of 16.5 per cent.

Stripping out the numbers for greater Sydney shows rural and regional NSW registered an increase in excess of 100 per cent in those subject to deb to agreements.

It seems whatever’s ailing NSW’s economy, it’s hitting the regional centres hardest. Go west, young trustee.

(Read the full ITSA report).

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