Australians facing the prospect of bankruptcy will soon be able to submit their application online.
The Australian Financial Security Authority (AFSA) has announced that its new initiative, Bankruptcy Online will launch in January 2020.
Debtors will be able to create an online account and validate their identity with two forms of identification before submitting their debtors petition or statement of affair through the online portal.
AFSA says if the person applying for bankruptcy does not have access to the internet they will need to call them to have the forms posted and subsequently signed by an authorised witness, such as a justice of the peace.
For debtors using a registered trustee, Bankruptcy Online allows them to upload the trustee’s signed consent form and submit that along with their application.
Registered trustees will not be able to submit an application online on behalf of an applicant.
AFSA says: “If the application is accepted, AFSA will appoint that trustee to the administration and notify them, as we currently do.”
The latest statistics from AFSA reveal that in the June quarter 2019 bankruptcies were at their lowest level since 1995.
In 2018/19 there was 15,329 bankruptcies. This is an 8.8 per cent decrease from the previous year.
New personal insolvencies rose in most capital cities in the June quarter 2019 compared to the previous quarter.
The New South Wales regions with the highest number of personal insolvencies are Campbelltown at 84, Penrith at 69, Wyong at 65, Lower Hunter at 42, Wollongong at 40 and Tamworth – Gunnedah with 39.
The Victorian regions with the highest numbers of debtors entering personal insolvency were Casey – South with 69, Whittlesea – Wallan and Wyndham both at 55. This was followed by Geelong at 35, Ballarat at 27 and Wodonga – Alpine at 26.