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ATO Action Causes Increase in Insolvencies in May 2015

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ASIC have published the corporate insolvency statistics for May 2015. There were 878 insolvency appointments in May 2015 which is the highest monthly number since October 2013. It was an 8% increase over May 2014 (811) but a 0.2% decrease from the average of the previous 5 Mays (880).

Windups initiated through the Court were high for May with 253,  a 36% increase over the previous May number of 186. This was most likely due to increased wind-up activity by the ATO.

State by state, WA showed the most significant increase in May, posting 66 insolvencies for the month. This was a 40% increase over May 2014 (47) . Queensland was up 12% over April 2014 and New South Wales was up 11%.

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