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Increase in company insolvency

Wednesday, November 16, 2011 - Posted by Philip Harvey

ASIC reported that over 2900 companies entered external administration in the July - September 2011 quarter, up from 2600 in the March - June quarter, a rise of over 10%.

Interestingly the report shows that that creditors were the main reason for the jump, making up over 33% of all liquidations. Receivership appointments were also up at over 12% of liquidations.

One reason for this is Creditors such as that Australian Taxation office and workers compensation insurers initiating proceedings.

Is this an early warning sign for our economic conditions in Australia with many enterprises struggling to meet there basic statutory requirements of paying GST, Company Tax, PAYG and workers compensation insurance? With Europe struggling and likely flow on effect to China (China is Europes largest importer) - this puts Australia next in line as a large exporter to China.

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