Western Australia has again posted one of the larger increases in insolvency actions in the country, jumping over 20 per cent during the December quarter.
Latest statistics from Insolvency and Trustee Service Australia reported a 20.2 per cent increase in total insolvency actions to 530, as compared to 441 cases that was recorded in the same time last year.
However the rise in insolvencies was less significant compared to the September quarter of 2008, increasing by 4.5 per cent from 507 cases. In the September quarter, the state recorded a 25 per cent rise in insolvencies over the year.
Meantime the number of bankruptcies in WA increased by 18.7 per cent to 400 cases during the December quarter, while debt agreements jumped 27.8 per cent to 124.
On a better note, personal insolvency agreements dropped 14.3 per cent to 6.
At a national level, there was an 11.7 per cent rise in total insolvency cases during the quarter to 8702, up from last year's corresponding period of 7791.
Tasmania recorded the largest increase as compared to other states and territories, with insolvency cases jumping 34.72 per cent to 260.
New South Wales rose 13.9 per cent to 3261, Victoria climbed 8.9 per cent to 2029, cases in Queensland increased by 11.5 per cent to 1978 and South Australia fell 1.68 per cent to 526.
