Insolvency Numbers Down Again in April 2014
ASIC have released the corporate insolvency statistics for April 2014, and it is another decrease from previous years. The number of appointments for the month for April was 686 being the lowest April since 2008 – March was also the lowest since 2008. This was a 27% decrease from April 2013’s total of 941, and an 18% decrease from the average previous 5 Aprils.
Queensland showed the largest decrease posting 131 insolvencies in April 2014. This was a 35% decrease from April 2013, and a 22% decrease from the average of the previous 5 Aprils.
In terms of Insolvency types, Court Appointed Liquidations continue to be unseasonably low. April 2014 saw 182 Court Liquidations. That is a 31% decrease from the April 2013 number of 201 and a 22% decrease when compared to the average of the previous 5 Aprils. Appointments of Controllers are also significantly down showing a 33% decrease from April 2013.
April 2014 is now the fourth month running to show significant decreases when compared to previous years. 2014 has been the best start to the year for Australian companies since the GFC hit in 2008.