Insolvencies continue to rise
Corporate insolvencies have continued to rise over the 2011 calendar year, with the number of external administration (EXAD) appointments experiencing the biggest increase since the global financial crisis.
Statistics released by the Australian Securities and Investments Commission (ASIC) revealed that 10,481 companies entered into EXAD in 2011, representing a 9.2 per cent increase from the previous year.
ASIC's senior executive leader for insolvency practitioners Adrian Brown said the strongest activity occurred in June and September quarters, while the December quarter demonstrated the usual slowdown due to a holiday period.
"The December quarter of 2011 saw a lower total compared to the previous quarter, but was still higher than for the same period last year," Brown said.
Another reason for a reduction in the December 2011 quarter was a slowdown in director-initiated voluntary liquidations, Brown added.
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