ASIC figures show corporate insolvencies remain high
The Australian Securties and Investments Commission (ASIC) has released figures relating to external administrations.
According to these figures, the March 2012 quarter is the third consecutive quarter in the current financial year in which external administrations exceeded 2,500 per quarter.
ASIC's Senior Executive Leader of the Insolvency Practitioners team, Adrian Brown, said the quarterly results show external administrator appointments remain at historically high levels.
The first quarter of the 2012 calendar year saw external administrations (EXADs) increase by 16.7 per cent compared to the same quarter in 2011 and is a rise of 2.5 per cent over the previous quarter, Mr Brown said.
Companies entering EXAD increased from 518 in January (2012) to 1,123 in February then fell slightly to 1,014 in March. January appointments reflect the fall off in activity normally associated with the Christmas/New Year holiday period.
Underpinning the March 2012 quarter statistics is a rise in court liquidation and receivership appointments. Creditors' voluntary liquidator appointments remained relatively steady while voluntary administration appointments fell.