ASIC Corporate Insolvency Reports for 2013 – 2014 financial year
According to the year end report from ASIC, there were 10,073 total number of external administrators’ reports lodged in 2013–14. This shows an increase in Corporate Insolvencies of 9% from 2012 – 2013 financial year, where 9,254 reports were received.
Personal Insolvencies fall by 4.3% in the 2013-2014 financial year
There were 29,509 personal insolvencies recorded in the 2013-2014 financial year, a fall of 4.3% in comparison from the 2012-2013 financial year, where 30 837 personal insolvencies were recorded, according the latest year end statistics released by AFSA.
| Year | Number of Bankruptcies (Part IV and XI) | Number of Debt Agreements (Part IX) | Number of Personal Insolvency agreements (Part X) |
|---|---|---|---|
| 2012 -2013 | 20,875 | 9,651 | 311 |
| 2013-2014 | 18,592 | 10,706 | 211 |
Bankruptcies fell by 10.9%, and personal insolvency agreements fell by over 30%, while debt agreements increased by 10.9%, in comparison to 2012-2013.
Personal Insolvency levels fall by 0.2% in the September quarter 2014
According to the latest AFSA statistics, bankruptcies fell 11.6% in the September quarter 2014 compared to the September quarter 2013, with falls in all states and territories except the Northern Territory and South Australia.
Debt agreements reached an all time high for a quarter, with 3010 agreements recorded, and personal insolvency agreements increased by 20% in the September 2014 quarter, in comparison to the September quarter 2013.
If you would like more advice on how SV Partners can assist your clients with personal insolvency matters, please contact one of our expert advisors on 1800 246 801.