Number of personal insolvencies doubled last year

ALMOST $500 million worth of bankruptcies and insolvencies were handled in Australia last year, figures from the nation's financial security authority show.

The authority's personal insolvency practitioners compliance report showed Australia's 268 operators handled more than $497 million in more than 50,000 bankruptcies in 2012-13.

Authority chief executive Veronique Ingram said since 2008, the number of personal insolvencies had almost doubled, at a time when the number of practitioners had only risen slightly.

She said the authority, which regulates practitioners, also deregistered six operators last year, as part of its role to maintain integrity in the system.


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