by Frank Farrugia

ASIC releases its insolvency statistics which highlights a gradual fall in appointments over the last 6 months. 

Appointments Australia wide continues to be dominated by Creditors Voluntary followed by Court Wind-ups making up approximately 20% of the total insolvency appointments for the financial year to date. Voluntary Administrations only account for 10% of the total insolvency appointments in the current financial year.

Business and Personal Services continue to dominate total insolvency appointment followed by the construction industry.  Veritas Advisory is currently managing appointments in both industries and others that didn't make the cut across most States and Territories.

What we see is that many companies are leaving it too late to seek expert advice with the majority of companies having no choice other than to be wound up voluntarily or face the wrath of the Court. Early action by appointing a Voluntary Administrator should result in a better return to creditors and maximise the survival of the company and or business, in turn minimising the impact on creditors and society as whole.  Early action is key.

If you have an insolvency query or are in need of expert advice , speak to our team of professional insolvency at Veritas Advisory experts on 02 8999 9330.

For further details visit

Insolvency Statistics Series 1a - Companies entering external administration by industry

Insolvency Statistics Series 2 - Insolvency Appointments

 

 

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