47 strata bankruptcy applications in NSW, Australia, account for 11% of all forced bankruptcies in 2023, prompting calls for reforms and fairer rules.

Strata bankruptcy is rising in NSW, Australia, with 47 applications in 2023, making up 11% of all forced bankruptcy matters. Strata management companies have been using this method against owners unable to pay strata fees. Financial Counselling Australia highlights the misuse of bankruptcy, calling for reforms including better info in levy notices, more options before debt recovery, & dispute resolution for strata debt. NSW Minister for Better Regulation is working on fairer rules.

March 03, 2024
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