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Cameron Sim's
Scholarly Papers
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Downloads
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1.
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Ian Ramsay
University of Melbourne - Law School Cameron Sim
University of Melbourne - Centre for Corporate Law and Securities Regulation
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24 Mar 09
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Last Revised:
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24 Apr 09
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69
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Abstract:
In this study we identify and discuss trends in personal insolvency in Australia. By personal insolvency, we mean bankruptcy, debt agreements and personal insolvency agreements under the Bankruptcy Act. We examine data on the number of personal insolvencies for the period 1990 to 2008 and on the characteristics of personal insolvents for the period 1997 to 2008. Key findings include: (1) a significant increase (261%) in the number of personal insolvents over the time period studied - far exceeding the increase in population; (2) changes over time in the reasons for this increase (for example, increases in excessive use of credit, ill health, and gambling or other speculation leading to personal insolvency); (3) significant changes in the characteristics of personal insolvents (for example, bankrupts are now older and have more dependants).
We find evidence that personal insolvency in Australia is becoming more of a middle class phenomenon. Personal insolvents are increasingly coming from higher status occupations; have increasing levels of personal income and household income; and have increasing asset and property ownership levels.
bankruptcy, personal insolvency
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2.
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Ian Ramsay
University of Melbourne - Law School Cameron Sim
University of Melbourne - Centre for Corporate Law and Securities Regulation
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07 Aug 09
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Last Revised:
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07 Aug 09
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33
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Abstract:
Under the Australian Bankruptcy Act, there are three regulated forms of personal insolvency: bankruptcy, debt agreements, and personal insolvency agreements. Between 1990 and 2008 there was a 261% increase in the number of personal insolvencies in Australia. We suggest one important aspect of this increase is that Australian personal insolvency has become an increasingly middle class phenomenon. Although the concept of middle class is not readily quantifiable, we suggest that several factors reveal that personal insolvency is affecting those who might generally be considered middle class. Our findings have implications for Australia’s personal insolvency laws. The findings also raise for consideration the connections between personal insolvency laws and broader social issues such as rising debt levels, spending habits and social welfare benefits.
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