ASIC have released February 2014 statistics for National Insolvency Appointments, and the results are showing signs of improvement.
Corporate insolvency numbers are down from the same period as last year, with 1059 insolvency appointments made across Australia in February 2014, which is down by approximately 20% from February 2013, where 1287 insolvency appointments were recorded. These figures show improvements within most states, with New South Wales recording the highest number of appointments in February 2014 at 369, down from 443 in February 2013.
Insolvency appointments by region – February 2013 and February 2014
ASIC’s industry sector statistics for Companies Entering External Administration, indicate that ‘Other & (Business & Personal Services)’ remain the highest level of corporate administrations with 231 recorded insolvency appointments in February 2014. Notably, the Construction industry is the second greatest affected industry with 158 insolvency appointments for February 2014. The construction industry is currently at its worst point since October 2013. Overall, 739 companies within Australia entered into external administration in February 2014.
If you have an insolvency query or are in need of expert advice, speak to our team of professional insolvency experts on 1800 246 801.