Business

GOING BUST: Insolvencies on rise in Bundaberg

GOING FOR BROKE: Insolvencies were up in Bundaberg but down in Burnett.
GOING FOR BROKE: Insolvencies were up in Bundaberg but down in Burnett. Voyagerix

TWO dozen bankruptcies were filed in Bundaberg during the last quarter.

The 24 bankruptcies represented almost half of the 49 insolvency cases in the area during the three months to June.

Insolvencies in Bundaberg were up 26.5% on the previous quarter and up 10% on the June quarter last year.

Seven of the insolvencies were business related, while the rest were personal or did not include a reason.

The Australian Financial Security Authority figures do not indicate whether the bankruptcies were business related or personal.

During the previous quarter, a total of 36 insolvencies were filed in Bundaberg, six of them business related.

In the June 2016 quarter, Bundy racked up 44 insolvencies, seven of which were business related.

In Burnett, there were 16 insolvencies including six bankruptcies in the June quarter.

None were listed as being business related.

That was three fewer insolvencies than the March quarter, a 16% drop, and down six on the June quarter last year - a reduction of 27%.

The AFSA uses the Bureau of Statistics Level 3 regions; Bundaberg includes the Rum City, Bargara, Moore Park and Childers and Burnett includes Gin Gin, the North Burnett and the South Burnett.

Shine Lawyers national insolvency solicitor Michael Lalji said it was important people sought advice when their debt was not manageable so all options the law provided could be properly considered.

"It's important to remember that company liquidation or bankruptcy is not necessarily the only option for companies or individuals facing financial pressure."

He said in many cases, there were alternative options that could provide better outcomes for companies and individuals and better returns to creditors.

Mr Lalji said regional communities heavily geared to a particular industry or project could experience increases in corporate insolvency and personal bankruptcy as a result of unexpected downturns.

"However, caution needs to be exercised when considering small samples as variations in the number of insolvencies can occur that do not necessarily mean there is a trend."

GOING BACK

Insolvencies in Bundaberg:

June Quarter 2017 49

June Quarter 2016 44

June Quarter 2015 39

June Quarter 2014 40

Insolvencies in Burnett:

June Quarter 2017 16

June Quarter 2016 22

June Quarter 2015 14

June Quarter 2014 26

Topics:  afsa australian financial security authority bankruptcies bankruptcy bundaberg burnett insolvency



TECKnology to help with animal problems in Bundy

ANIMAL CONTROL: Alexandra Park zookeeper David Flack introduces TECKnology's Leslie Lowe and Brian Little to resident dingo Lowana.

Duo can relocate snakes, bats, bees and more

PHOTOS: Road safety work recognised

Dennis Walsh presents Susan Rewalt with her award at the Road Safety Awards.

Special ceremony held at Bargara

Free hearing check Friday

Get in for your free hearing check from noon tomorrow at, 3/17 Barolin St.

Over 3.5 million Australians live with hearing loss.

Local Partners

Uncharted: The Lost Legacy a slick, impressive effort

New Uncharted game for PS4 hits the shelves

Bride and Prejudice's Chris reveals more family heartache

Grant and Chris feature on the TV series Bride & Prejudice. Supplied by Channel 7.

His dad’s health has dealt a massive blow to their happy life

Nicole's ready to bust out of Doctor Doctor's love triangle

Nicole da Silva stars in season two of Doctor Doctor.

New season gets a fresh injection of relationship dilemmas.

MOVIE REVIEW: Tom Cruise flying high again in drug drama

Tom Cruise plays pilot Barry Seal in the movie American Made.

FILM STAR delivers his best performance in some time.

The Project will now be on six nights a week

The Project presenters Waleed Aly, Carrie Bickmore and Peter Helliar.

The Project is expanding with a Sunday night edition and a new host.

Click your fingers, tap your toes

Helen Peters, Elisabeth Wallis-Gaedtke, Evalee Sharples and Kemal Avunduk rehearse for Fascinating Rhythm, Sunshine Coast Oriana Choir's performance of hot jazz, sizzling samba, Latin beats and smooth swing sounds at Lake Kawana Community Centre on August 26-27.

Libby to set beat for Fascinating Rhythm this weekend

Margot Robbie is unrecognisable in London

Margot, is that really you?

MARGOT Robbie looks completely unrecognisable as Queen Elizabeth I.

REVEALED: New shops for Coast centre's $12million revamp

Coast retail centre expands as part of $12million refurbishment

Residents fear sand mine sell out by State Minister

Sand mine opponents attend the Nambour Council Chambers.Cou

Further testing undertaken on site, despite claims of significance

Investors quick to snap up property in key growth corridor

High-profile commercial site sells at auction for $4.920m

EXPLAINED: What the 'Costco effect' means for Ipswich

PRICE WARS: A Costco store similar to this one in Canberra, is planned for Ipswich.

Exclusive 'cult' about to change how families do grocery shopping