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Corporate Insolvency Statistics for September 2013 Released

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The corporate insolvency statistics for September 2013 were released last week. Notably September 2013 was an all time high month for insolvencies in Victoria with 328 appointments, beating the previous record of 303 in November 2008. Australia wide there were 957 new appointments total, which is high for September but off the peak of 991 in September 2011.

The 957 appointments in September 2013 was a 9% increase over the previous year’s September total of 881, and a 12% increase over the previous five Septembers.

The record 328 for Victoria was a 38% increase over the previous year September and 53% increase over the average of the previous 5 Septembers. Another notable statistic was the huge jump in Managing Controller appointments, there were 41 in September 2013, when the average per month over the previous 12 months was 1.

There was little fluctuation in ASIC’s industry reporting from previous months. Their largest categories for September were:  Other (business and personal) services with 274, making up 29% of the total, Construction with 169 being 18% of the total and Accommodation and Food Services with 77 at 8%.

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