Toowoomba's soaring bankruptcy rates prompt warning

TOOWOOMBA has the fourth highest rate of personal bankruptcies in Queensland, prompting a cautionary warning for aspiring business operators to review the financial status of potential partners.

Australian Financial Security Authority figures reveal 53 bankruptcies were declared in Toowoomba in the three months to June 30, of which 35 were personal.

That puts the Garden City among the top four regions in Queensland, with the northern city of Townsville topping the list at 97 bankruptcies in total.

The Gold Coast suburb of Ormeau was second with a total of 65, while Mackay residents registered 60 bankrupts.

The alarming figures prompted a warning to potential entrepreneurs to exercise their due diligence when deciding on a business partner.

It reflects the wider state-wide trend of business-related personal insolvencies which increased by 16.8 per cent, GlobalX CEO Peter Maloney said.

Regional areas were the main contributors, he said, and urged people to check the financial history of potential business partners.

"In this volatile market, a simple bankruptcy search gives certainty of an individual's financial background, helping ensure the bona fides of a deal is not in question," Mr Maloney said.

"The impact of bankruptcy upon individuals associated with any business is terrible, and due to the current economic climate, increasingly regional areas are being affected."


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