ATO Action Causes Increase in Insolvencies in May 2015
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%.