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Downward trend in bankruptcies welcomed



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FEDERAL MINISTER FOR CONSUMER A 'F'

AI1 S

AND MLNI9TER ASSISTING THE TREASURER FOR PRICES SENATOR NICK BOLKUS

COMMONWEALTH PARLIAMENTARY LIBRARY L- MICAH

12/89

DOWNWARD TREND IN BANKRUPTCIES WELCOMED

The Minister for Consumer Affairs, Senator Nick Bolkus, today welcomed the latest statistics for bankruptcies in Australia which confirm a downward trend over the past three quarters.

Senator Bolkus said that the statistics for the March quarter showed, when compared with the corresponding three months for the previous year: -a 20.9 per cent decrease in bankruptcies and

administrative orders; -a 40 per cent decrease in Part X deeds and compositions; and -a.decrease of 22.8 per cent for the combined figures for all bankruptcies and insolvencies under the Bankruptcy Act.

"This is the third consecutive quarter which has recorded a decrease in bankruptcies and insolvencies," said Senator Bolkus.

"While it is not possible to point to any specific reasons for the overall decline in bankruptcies, there is sufficient anecdotal evidence to nominate strong employment growth as a major contributor to the drop.

"It is now obvious that bankruptcies peaked in mid-1988 and have been steadily declining ever since."

Senator Bolkus said that following the national forum on overcommitment in Canberra last year, he had devoted time, energy and resources to the problems of overcommitment.

"I have led the fight for uniform consumer credit legislation across Australia, which will give greater protection to borrowers, and I have sought to enhance the role and function of financial counsellors," said Senator Bolkus.

"Also, the most recent amendments to the Bankruptcy Act, which provide for a seven day moratorium during which potential bankrupts can seek alternative advice, have helped people find solutions to financial problems other than bankruptcy."

Attached: Statistics for the comparison of the months July July 1, 1988 to March 31, 1989.

Tuesday, April 11, 1989. Canberra.

PARLIAMENT HOUSE, CANBERRA, A.C.T. 2600 mgr.- (O62) 77 7380 . . FAX: (062) 73

March quarter, 1989 and a 1, 1987 to March 31, 1988 and

BANKRUPTCY STATISTICS

JANUARY - MARCJ-Lj989

On 30 January 1987 the Attorney-General, Mr Lionel Bowen, announced that provisional and unverified bankruptcy statistics would be released on a quarterly basis by the Attorney-General's Department. The last such release was

issued on 30 January 1989.

The provisional and unverified statistics for the quarter ended 31 March 1989 are attached.

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