External Administrations Across Australia for 2015 Break the 10,000+ Barrier
Slowdown in December takes some of the heat off companies
Despite a slowdown in December, 2015 was still a big year for external administrations with the final monthly Australian Securities and Investments Commission’s (“ASIC”) insolvency statistics of 627 pushing the total to 10,164 companies, up on 2014’s total of 8,794 companies.
“Over the course of 2015 there was a steady state of external administration appointments culminating in the big jump on the figures for 2014,” said Ben Waters, Head of Agribusiness, Asia Pacific, at FTI Consulting.
“Whilst there was a slight slowdown in December, the final figure continues to underline FTI Consulting’s belief that business owners in specific industries continue to face many challenges,” he added.
New South Wales retained its top spot amongst the states for insolvencies, however did drop to 206 external administration appointments for December, against 304 for November. Queensland recorded a marked decrease, dropping from 205 appointments in November to 138 in December whilst Victoria recorded a continued marked decrease with 176 in December, against 207 for November.
Activity also improved in Western Australia (54 in December vs. 97 in November) and remained steady in South Australia (29 in December vs. 30 in November).