Today, ASIC released official figures that reveal a 4.4% rise in corporate insolvencies in the 2010-11 financial year to date.
ASIC’s Senior Executive Leader of the Insolvency Practitioners team, Adrian Brown, said that despite a drop in external administration appointments in May compared to last year, the latest figures show the number of court liquidations and director initiated creditors voluntary liquidations have risen.
‘Statistics collated by ASIC up to and including May 2011, show court liquidations in Australia rose 8.6% and director initiated creditors voluntary liquidations rose 7.6%. Western Australia is also seeing its fair share of corporate insolvencies, despite suggestions that it’s in the fast lane of a two speed economy,’ Mr Brown said. He added that ‘interestingly, receivership and voluntary administration appointments, Australia-wide, have fallen.’
If you have any queries regarding corporate insolvency, please see our Insolvency and Bankruptcy page