BROKE: 66 declare bankruptcy on the Coast in 3 months
ONE-hundred-and-thirty-eight people in the Sunshine Coast and Noosa region have filed for bankruptcy or started personal insolvency activity in the December quarter of 2016.
Of those 138, 66 filed for bankruptcy and 59 started a debt agreement and personal insolvency with debtors.
A further 13 in the Sunshine Coast hinterland were counted in the total number but it was not revealed which category they fit into.
The new figures released by Australian Financial Security Authority might seem high, but the number of debtors who entered a personal insolvency agreement in regional Queensland actually fell by 8.8% during the December quarter.
The number of debtors in the Nambour-Pomona area was among the largest decreases in regional Queensland (in percentage terms) since the September quarter.
Nineteen debtors in the Nambour-Pomona area became insolvent in the December quarter, compared to 37 in the September quarter, a decrease of 48.6%.
Meanwhile the total number of debtors in Buderim increased by 61.1% from 18 to 29.
Thirty-eight of the debtors across the Sunshine Coast and Noosa during the December quarter had business-related insolvency, while 100 had insolvency that was not business-related.
Queensland's business-related insolvency rates were the highest in the country during the period, at 394, with 320 bankrupts, 70 debt agreement debtors and 4 personal insolvency debtors.
It came in behind New South Wales by only two debtors for non-business related insolvency activity, with a total of 1734 debtors.
A personal insolvency is a former arrangement under the Bankruptcy Act 1996 to help people manage their debts.