Life cycle of debt agreements

Annual administration statistics for the life cycle of Part IX debt agreements.

National debt agreement proposals as at 30 June 2015

In 2014–15, there were 12,515 debt agreement proposals received. In 2014–15, 96% of these proposals reached the voting deadline.

Part IX debt agreements – proposal status

These tables give a progressive summary of the outcome of each debt agreement proposal over the course of its life cycle as at 30 June 2015. We report these figures based on the date of lodgement of debt agreement proposals. These tables may not reconcile with figures provided in other tables.

Debt agreement activity 2010-11 2011-12 2012-13 2013-14 2014-15
  Number
Debt agreement proposals received 10,049 10,900 11,179 12,507 12,515
Proposals rejected by Official Receiver 327 277 255 241 256
Proposals accepted by Official Receiver for creditor vote 9,722 10,623 10,924 12,266 12,259
Proposals cancelled by Official Receiver during voting period 169 281 259 280 274
Proposals withdrawn by debtor during voting period* 163 0 1 0 0
Proposals reaching voting deadline 9,390 10,342 10,664 11,986 11,985
  Percent
Proposals received that were rejected by Official Receiver 3.3% 2.5% 2.3% 1.9% 2.0%
Proposals received that were accepted by Official Receiver 96.7% 97.5% 97.7% 98.1% 98.0%
Proposals accepted by Official Receiver for creditor vote that were cancelled by Official Receiver during voting period 1.7% 2.6% 2.4% 2.3% 2.2%
Proposals accepted by the Official Receiver that reached voting deadline 93.4% 94.9% 95.4% 95.8% 95.8%

* From 2011–12, it is rare for a proposal to be withdrawn by a debtor during the voting period due to a change in business processes.

Outcome of proposals that reached deadline as at 30 June 2015

As at 30 June 2015, creditors accepted 9,459 debt agreement proposals that reached the voting deadline. Creditors had rejected 2,526 debt agreement proposals or the voting outcome was pending on 30 June 2015.

This table shows a progressive summary of the outcome of new debt agreements as at 30 June 2015. We report these figures based on the date of lodgement of debt agreement proposals. These tables may not reconcile with figures provided in other tables.

Debt agreement activity 2010-11 2011-12 2012-13 2013-14 2014-15
  Number
Reaching voting deadline 9,390 10,342 10,664 11,986 11,985
Rejected by creditors or no vote received 1,351 1,251 1,107 830 2,526*
Accepted by creditors (new debt agreements) 8,039 9,091 9,557 11,156 9,459*
  Percentage
Rejected by creditors or no vote received 14.4% 12.1% 10.4% 6.9% 21.1%*
Accepted by creditors (new debt agreements) 85.6% 87.9% 89.6% 93.1% 78.9%*

* The voting period for creditors to vote on whether to accept a debt agreement proposal is generally five weeks. If we do not know the vote result on 30 June 2015, we report the outcome as ‘rejected by creditors or no vote received’.

Outcome of new debt agreements as at 30 June 2015

On 30 June 2015, 47% percent of debt agreements lodged in 2010–11 were still active. Since 2010–11, the most common type of termination of debt agreements is by creditors.

This table shows a progressive summary of the outcome of new debt agreements as at 30 June 2015. We report these figures based on the date of lodgement of debt agreement proposals. These tables may not reconcile with figures provided in other tables.

Debt agreement activity 2010-11 2011-12 2012-13 2013-14 2014-15
  Number
Terminated by creditors/court 917 907 748 393 68
Terminated by six-month arrears default 444 413 340 266 27
Agreements completed 2,865 1,340 594 165 29
Agreements not yet completed 3,813 6,431 7,875 10,332 9,335
  Percentage
Terminated by creditors 11.4% 10.0% 7.8% 3.5% 0.7%
Terminated by six-month arrears default 5.5% 4.5% 3.6% 2.4% 0.3%
Agreements completed 35.6% 14.7% 6.2% 1.5% 0.3%
Agreements not yet completed 47.4% 70.7% 82.4% 92.6% 98.7%