Bankruptcy: Dubbo is the second highest in the state as tough times hit

ADVICE: Vinnies executive officer Bruce Buchanan. Photo: JUDE KEOGH
ADVICE: Vinnies executive officer Bruce Buchanan. Photo: JUDE KEOGH

Dubbo has the equal second highest number of personal bankruptcies in NSW – and the equal eighth highest in Australia.

The Personal Bankruptcy Analysis by data analyst company Illion shows the number of bankruptcies in Dubbo are the second highest in the state, equal ranked with Orange.

It found 77 people in Orange were declared bankrupt in the 2018 financial year, the highest in three years.

The number equalled Dubbo and was only behind Port Macquarie (82) for the highest in NSW.

The West Australian area of Baldivis was the worst in the country with 105 people declaring bankruptcy.

St Vincent de Paul Society executive officer for the Bathurst Central Council, Bruce Buchanan, said the high number of bankruptcies was due to a number of factors.

“We have seen about a 15 per cent increase in people seeking financial assistance in the past financial year,” he said.

“The most common reason is electricity prices.”

Mr Buchanan said more people were being employed part-time and were losing the benefits of full- time employment.

He said people were not budgeting to suit the insecurity of part-time work.

Mr Buchanan said there had also been an increase in farmers seeking financial help from Vinnies due to the drought. 

Before taking on the role this year Mr Buchanan was the head of Central NSW Business HQ where he said he assisted local people deal with bankruptcy.

He said people needed to realise that declaring bankruptcy did not wipe clear their tax debts and also had many side-issues including affecting the companies and people who were owed that money.

“That could literally force them into bankruptcy too, it could create a domino effect,” he said.