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Insolvencies increase in July 2014

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ASIC have published the corporate insolvency statistics for July 2014. There were 841 insolvency appointments in July 2014 which was a 4% increase over June 2014 and the highest total since October 2013. However it is still a 16% decrease when compared to July 2013 (1,005) and a 9% decrease from the average of the last five Julys (919).

State by state, New South Wales has shown the most significant decrease in July, posting 293 insolvencies for the month. This was a 28% decrease when compared to the number for July 2013 (406). Victoria was down 16% and Queensland by 8% when the same comparison was made.

Insolvencies commenced by court order were down in July 2014 when compared to the previous July. There were 211 court appointments in the month, which was a 43% decrease from the previous July at  372. These type of appointments are largely initiated by unsecured creditors.

In 2014 so far there have been 5,163 total appointments, averaging out at 738 per month. At this stage in 2013 we had seen a record high 6,326 appointments (22% more) at an average of 904 per month. To find statistics comparable to those seen in 2014 you have to go back to 2008 where there had been 4,810 appointments at the end of July at an average of 687 per month.

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