Gold Coast Bankruptcy Contributes to 20% of Queensland’s Bankrupts

Over the 2011-2012 year, the Gold Coast contributed 20%  of Queensland’s bankrupts and topped the list of Australia’s bankruptcies per region.

It’s Official The Gold Coast is full of bankrupts

ITSA The Insolvency and Trustee Service of Australia has broken down the number of personal bankruptcies across Australia according to postcode and the Gold Coast and the Tweed Heads contributed more bankruptcies than any other .

More than 1900 Gold Coast residents were declared bankrupt last financial year, with 181 living in the suburb of Nerang.

1707 personal bankruptcies were declared in 2010-11 for the 25 postcodes of the Gold Coast, with 210 bankruptcies declared in the 10 postcode areas between Byron Bay and Tweed Heads.

The most stress was felt in the northern belt of the Coast, where 181 people went under at Nerang, followed by Southport (167), Upper Coomera (149), Beenleigh (147) and Surfers Paradise (137).

The Gold Coast appears to be unfavourably represented across Queensland, attributable for about 20 per cent of the state’s 8483 personal bankruptcies.

South of the border, the retail and industrial centre of Tweed Heads recorded 91 personal bankruptcies across its two postcodes.

The ITSA figures relate purely to personal loans and securities and do not include the number of companies going into liquidation.

Bankruptcy often occurs when people exhaust their personal credit cards to pay off company debts.

In addition, credit is very tight and the ATO is ramping up enforcement activity and holding directors and business owners accountable with Director Penalty Notices (DPN) on the rise.