The number of people entering bankruptcy in business continued to tumble over the March quarter, 2021 according to data from the Australian Financial Security Authority (AFSA).
Over the four-quarters to March 2021, 162 people in business in Queensland entered bankruptcy over the March quarter (818 over the year) with the yearly run rate dropping to 2.2 per day, which is down from around 4.5 per day during the previous four-quarter period to March 2020.
The numbers further show that Queensland continues to lead the nation on the number of business people entering bankruptcy over the year.
Comparing the statistics across the nation on a relative basis of bankruptcies per 100,000 population, Queensland also maintains the highest rate of business bankruptcies per capita at 3.12 during the March quarter, down from a rate of 7.4 over the previous March quarter last year.
The latest monthly insolvency statistics recorded by the Australian Securities and Investments Commission (ASIC) for May, 2021 further illustrate the decline in Queensland companies entering external administration with creditor and court wind-ups the major appointment types.
Breaking down external administrations by industry shows that the top five industries with the greatest incidences of companies entering external administration continues to be those in business and personal services; construction; accommodation and food services; retail trade; rental, hiring and real-estate services; and transport, postal and warehousing.