The regions with the highest number of debtors in the September quarter 2014 in New South Wales were: Wyong (86 debtors), Mount Druitt (74 debtors), Newcastle (73 debtors).
The regions outside Sydney with the highest number of debtors in the September quarter 2014 were: Newcastle (73 debtors), Tamworth – Gunnedah (43 debtors) and Tweed Valley (41 debtors).
Newcastle also had the highest number of debtors in the June quarter 2014.
The region with the highest proportion of debtors in the adult population in the September quarter 2014 was Moree – Narrabri.
We are of the opinion that the high proportionate concentration of bankruptcies in these areas are contributed to by the large number of redundancies in the mining and mining services industry over the last 18 or so months in addition to the lack of employment opportunities in other industries in regional areas.
If you look at the Unemployment Rates by Labour Force Region, October 2014 the areas all have above average unemployment rates.
For more information on bankruptcy or specific insolvency services, contact the team at Rapsey Griffiths on (02) 4929 3019 for a confidential consultation.