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Personal bankruptcies up

Staff Reporter 1 minute read

National personal bankruptcies stabilised in 2008 despite the international economic crisis and financial pressures from plunging stock markets and decade high interest rates.

According to insolvency group SV Partners, a 2.2 per cent rise in personal bankruptcies was registered from 2007 to 2008, The Australian reported today.

This compared to an eight per cent rise from 2006 to 2007.

While the national figure was a positive result, the slowdown in the resources sector saw Western Australia’s personal bankruptcies rise by almost 13 per cent over the year, with 1,520 people filing for bankruptcy.

New South Wales remains the country’s bankruptcy capital however where more than 10,000 people filed for bankruptcy over 2008.

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