ATO Windups Cause Largest Insolvency Numbers in Years!
Corporate insolvency statistics for June 2015 have shown a large increase over the previous month, and the same time last year. The biggest contributor is windups initiated through the Court which are almost twice the level they were at the same time last year. It was also the highest month ever recorded for Western Australia with 87 corporate windups.
There were 1,022 insolvency appointments Australia wide in June 2015 which is the highest monthly number since February 2012. It was a 16% increase over May 2015 (878), a 26% increase over June 2014 (811) and a 17% increase over the average of the previous 5 Junes (877).
Windups initiated through the Court were very high for June with 383, a 95% increase over the previous June (196) and the highest number of court windups since February 2013. This was most likely due to increased wind-up activity by the ATO.
State by state, June 2015 was the highest month on record for insolvencies in WA with 87. This was a 13% increase over June 2014 for WA (77). It was also the 2nd highest month on record for Queensland with 236. In both WA and Queensland the hardest hit industry sector was Construction with 15% and 20% of the appointments respectively.