ASIC Insolvency Statistics for September 2012 – trending down at last!!
ASIC published the national corporate insolvency appointment statistics for the month of September 2012 a week or two ago. It looks like, at long last, corporate insolvency numbers may be trending down. September saw 881 companies entering some form of insolvency administration (including Liquidation, Voluntary Administration and Receivership) which was a decrease of 110 appointments from the previous September (an 11% decrease). On the long term outlook, it was still a 12% increase over the average of the previous five Septembers.
On the face of things September 2012 appears to be a somewhat surprising drop in insolvency numbers when comparing to last year. It should be remembered that September 2011 was the highest September month on record, and whilst a significant decrease, September 2012 is still the 2nd highest ever. The other key statistics are:
- The number of companies entering some form of insolvency administration in the 12 months to September 2012 was 10,603. That is a 3% increase over the previous year and a 16% increase over the average of the previous 5 years.
- The number of insolvencies in July 2012 was 881 which is an 11% decrease from the previous September, but still a 12% increase over the average of the previous five Septembers.
- Appointments initiated by company directors are down with only 398 Creditors Voluntary Liquidation appointments for the month, compared to an average of 419 so far in 2012.
Earlier in the year it looked like 2012 was going to be a significant increase over 2011’s already record total of 10,481 insolvencies for the calendar year, but June 2012, August 2012 and now September 2012 have fallen short of their corresponding months in 2011. The total for the calendar year so far is at 8,014 insolvencies only 2% ahead of the same time in 2011 with 7,892. It appears that, at long last, insolvency numbers may be trending down.