Insolvencies remain high
PrintRecent figures released by the Australian Securities and Investments Commission (ASIC) show that insolvencies are remaining at high levels.
The March quarterly report shows the third consecutive quarter in the current financial year in which external administrators exceeded 2,5000 per quarter.
ASIC’s Senior Executive Leader of the Insolvency Practitioners team, Adrian Brown, said the quarterly results show external administrator appointments remain at historically high levels.
The first quarter of the 2012 calendar year saw external administrations (EXADs) increase by 16.7 per cent (see table 1) compared to the same quarter in 2011 and is a rise of 2.5 per cent over the previous quarter, Mr Brown said.
Table 1— Companies entering into EXAD in first quarter 2012
|
Month |
2011 |
2012 |
% |
|
January |
455 |
518 |
13.8 |
|
February |
852 |
1,123 |
31.8 |
|
March |
968 |
1,014 |
4.8 |
|
Total |
2,275 |
2,655 |
16.7 |
'In terms of location, we again see a rise in Queensland with the two other largest states of New South Wales and Victoria remaining relatively steady', Mr Brown said.
ASIC publishes monthly insolvency statistics detailing the number and type of corporate insolvency appointments. External administrators are obliged by law to notify ASIC of their appointments. ASIC will provide brief commentary on its statistics quarterly throughout the 2011-12 financial year.
The full statistics can be found here