A RECORD number of West Australians have been forced into bankruptcy or had to strike debt deals with creditors in a sign of the continuing tough situation facing the State.
New figures from the Australian Financial Security Authority revealed a spike in bankruptcies across WA in the three months to the end of March.
During the quarter, 545 bankruptcies were recorded across the State. It was the largest number of bankruptcies since 2003 and was 16 per cent up on the same time last year.
Bankruptcies were generally steady elsewhere in the country bar NSW where they lifted for the third consecutive quarter.
Taking in Part IX and Part X debt agreements, which allow people to restructure their debts, a record 1020 West Australians struck financi…
Read the full article at: https://www.perthnow.com.au/business/economy/record-number-of-west-australians-seek-bankruptcy-and-deals-to-clear-mounting-debt-ng-b88836784z