March Corporate Insolvencies remain high
ASIC has recently released their update for corporate insolvency statistics for March 2012. They reveal that March, whilst off February’s all time high, was another bad month for corporate Australia with 1,014 insolvency appointments. This is the second worst March on record and the fifth worst month overall. If that is sounding familiar, well, that’s because it is! Corporate insolvencies have been bouncing along at or near all time highs for about a year now.
The key statistics are:
- The number of companies entering some form of insolvency administration in the 12 months to March 2012 was 10,861. That is the highest rolling year on record for Australia. It is a 12% increase over the previous year and a 24% increase over the average of the previous 5 years.
- The number of insolvencies in March 2012 was 1,014 which is a 5% increase over the previous March, and a 16% increase over the average of the previous five March’s.
- Corporate insolvency appointments remain high in Queensland. For the month of March 2012 there were 227 appointments in Queensland being second only to last months record month for them. This calendar year Queensland insolvencies are up 65% when comparing to the average of the same period over the previous five years.
March 2012 was another month of high insolvency numbers continuing a worrying trend. The calendar year so far is trending to eclipse 2011’s record year with a total of 2,655 insolvencies so far which is a 17% increase over the same period last year.