The Australian Securities and Investments Commission (ASIC) has released the quarterly insolvency statistics for the September 2014 quarter, which show a rise of 7% in companies entering external administration compared to the June 2014 quarter.
Additionally, appointments in all regions rose in all states except for the ACT, which remarkably dropped by 24.4%. Appointments rose in New South Wales by 1.5%.
However, the news was not all bad. The September 2014 total was 16.2% lower than the September 2013 quarter. Additionally, the percentage of companies entering external administration for the quarter, relative to new incorporations, was about 4% compared to the long-term trend of around 6%.
Andrew Fletcher has completed the Australian Restructuring Insolvency & Turnaround Association (ARITA) run Insolvency Education Program, is a current member of ARITA and is qualified to provide advice in relation to restructuring, turnaround and insolvency.
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