WA tops states for corporate insolvencies

Western Australia tops the states for the most corporate insolvencies in the past year, new figures released by the corporate regulator reveal.

The New Lawyer • 10 August 2011 • SME Law

WESTERN Australia tops the states for the most corporate insolvencies in the past year, new figures released by the corporate regulator reveal.

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Corporate insolvencies in Australia in the 11 months to the end of May rose 4.4 per cent on year, ASIC said.

The new figures show Western Australia experienced a 20.7 per cent rise in the number of insolvencies, the biggest rate of any Australian state.

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"Western Australia is also seeing its fair share of corporate insolvencies, despite suggestions that it's in the fast lane of a two-speed economy," ASIC executive Adrian Brown said in a statement, Dow Jones newswires report.

Insolvencies rose 13.2 per cent in South Australia, 9.8 per cent in Victoria and 0.9 per cent in NSW> Tasmania and Queensland saw the number of insolvents fall, with 6.6 per cent and 0.4 per cent respectively.

See related story: Insolvencies on the rise: ASIC

http://www.thenewlawyer.com.au/article/insolvencies-on-the-rise-asic/531087.aspx

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