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FSA GROUP LIMITED — Capital/Financing Update 2011
Jul 11, 2011
64948_rns_2011-07-11_55aa99d0-7fd1-43c3-8e8c-40de73551389.pdf
Capital/Financing Update
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FSA GROUP LIMITED
12 July 2011
FSA Group increases debt agreement market share
The Insolvency and Trustee Service Australia has released the provisional Personal Insolvency Statistics for FY2011. These statistics confirm the number of debtors who rely upon a debt agreement, or a personal insolvency agreement or bankruptcy to address their unmanageable debt.
Based on the data released, FSA Group maintained its position as the market leader for debt agreements and increased its market share from 51% to 53% for FY2011.
Debt agreements, which are an alternative to bankruptcy, are a simple way for an indebted individual to come to a payment arrangement with their creditors. They yield superior returns to creditors compared to bankruptcy. During FY2011 FSA Group paid $62.6 million in dividends to creditors which was an increase of 13% compared with FY2010. FSA Group manages over $270 million of unsecured debt under debt agreements.
FSA Group also provides personal insolvency agreements and bankruptcy as an option to indebted individuals. During FY2011 FSA Group clients relying on these remedies increased by 30% compared to FY2010.
For and on behalf of the Board Donald Mackenzie Company Secretary
FSA Group Limited Head Office Level 3, 70 Phillip Street Sydney, NSW, 2000
Phone: (1300) 660 032 Fax: (1300) 660 050 [email protected]
ASX Code: FSA