ASIC has today released its insolvency statistics for the first quarter of 2012-13.
The data indicates an increase in insolvency appointments, up 10% on the previous quarter, with the overall number of external administrations (EXADs) appointments remaining relatively high (2,807).
Mr Adrian Brown, ASIC Senior Executive Leader of the Insolvency Practitioners team, said that all states and territories, except for the Australian Capital Territory, experienced a rise in insolvency appointments compared to the previous quarter, although the national September quarter total was marginally below the September quarter in 2011 (2,961), the highest quarterly result according to ASIC’s published data.
Table 1 provides a comparison of insolvency appointments between the first quarters of 2011-12 and 2012-13 while Chart 2 charts the quarterly changes in insolvency appointments since June 2008.
Appointment type
All EXAD appointment types increased from the previous quarter; director-initiated creditor voluntary liquidations (up 7.9%), Court liquidations (up 9.2%), receiverships (up 13%) and voluntary administrations (up 17.2%).
Receivership appointments were driven by increases in the two largest states, New South Wales (up 25.4%) and Victoria (up 14.7%) while appointments in Queensland fell slightly (down 3%).
Voluntary administration appointments were up in Victoria (up 19.0%) and Queensland (up 37.0%), with more moderate rises in New South Wales (up 7.8%).
See Table 3 and Chart 1 for more information.
Regional results
Most of the states and territories experienced an increase in EXAD appointments in the September 2012 quarter relative to the June 2012 quarter, with only the ACT recording a decrease (down 13.2%). New South Wales was up 11.1%, Victoria was up 2.3% , Queensland was up 9.8%, South Australia was up 28.4%, Western Australia was up 21.3%, Tasmania was up 105.3% and Northern Territory was up 57.1%. See
Table 2 for more information.
Table 1— Companies entering into EXAD in September quarter 2012
|
Month |
2011 |
2012 |
% |
|---|---|---|---|
|
July |
921 |
930 |
0.9% |
|
August |
1,049 |
996 |
-5.1% |
|
September |
991 |
881 |
-11.1% |
|
Total |
2,961 |
2,807 |
-5.2% |
Table 2 – Companies entering into EXAD by region (quarterly change)
|
Total |
2,961 |
2,552 |
2,807 |
100.0% |
-5.2% |
10.0% |
|
State / Territory |
Sept Qtr 2011 |
June Qtr 2012 |
Sept Qtr 2012 |
% |
% change Sept Qtr 2011 |
% change June Qtr 2012 |
|---|---|---|---|---|---|---|
|
NSW |
1,247 |
1,007 |
1,119 |
39.9% |
-10.3% |
11.1% |
|
VIC |
719 |
724 |
741 |
26.4% |
3.1% |
2.3% |
|
QLD |
564 |
528 |
580 |
20.7% |
2.8% |
9.8% |
|
SA |
129 |
88 |
113 |
4.0% |
-12.4% |
28.4% |
|
WA |
218 |
141 |
171 |
6.1% |
-21.6% |
21.3% |
|
TAS |
28 |
19 |
39 |
1.4% |
39.3% |
105.3% |
|
NT |
8 |
7 |
11 |
0.4% |
37.5% |
57.1% |
|
ACT |
48 |
38 |
33 |
1.2% |
-31.3% |
-13.2% |
NB: ASIC notes that percentage changes in smaller regions can be unduly influenced by a relatively small number of appointments.
Table 3 —Insolvency appointments by appointment type – quarter ended 30 September 2012*
* excludes: scheme administrator and foreign/RAB wind-ups; and members voluntary liquidation appointments as these relate to solvent entities
|
Total |
2,961 |
2,548 |
2,807 |
-5.2% |
10.2% |
|
Appointment type |
Sept Qtr 2011 |
June Qtr 2012 |
Sept Qtr 2012 |
% change Sept Qtr 2011 |
% change June Qtr 2012 |
|---|---|---|---|---|---|
|
Court liquidations |
913 |
595 |
650 |
-28.8% |
9.2% |
|
Creditors’ voluntary liquidations |
1,271 |
1,284 |
1,385 |
9.0% |
7.9% |
|
Receiverships |
390 |
292 |
330 |
-15.4% |
13.0% |
|
Voluntary administrations |
387 |
377 |
442 |
14.2% |
17.2% |
(1) includes provisional liquidations
(2) includes receivers, receivers and managers, controllers and managing controllers
Chart 1— Companies entering into EXAD by quarter and type of appointment
Chart 2 — Companies entering EXAD by quarter
Background
ASIC publishes monthly insolvency statistics detailing the number and type of corporate insolvency appointments. External administrators are obliged by law to notify ASIC of their appointments. This information is recorded on the public register. ASIC does not record data about the industries in which these appointments are made at the initial stage.
More information about ASIC’s insolvency data and other resources, including information for directors and creditors, is available on the ASIC website.