The latest statistics on insolvency appointments (for the period January 1999 to March 2015) and companies entering external administration (for the period July 2013 to March 2015) have been released.
The statistics suggest that the insolvency industry is continuing to see more work: nationwide, appointments increased by 22 per cent over February. In particular, receivers and managers saw an increase in appointments of 194 per cent (47, up from 16). With only 1114 insolvency appointments, however, that still represents the second lowest figure for March since 2005 (last year was lower at 1065 appointments).
As to specific industries, March 2015 saw significant increases in appointments over:
- electricity, gas, water and waste services, with an increase of 100 per cent nationwide, primarily due to appointments more than doubling from four to nine in NSW;
- managed investments, with three appointments across NSW, Victoria and Queensland; and
- rental, hiring and real estate services, which witnessed an increase of 188 per cent nationwide, primarily due to appointments going from one to six in Victoria and four to nine in Queensland.
As usual, most appointments fell into the 'other (business & personal) services' category. On the flip side, there were significant decreases in:
- health care and social assistance, with a 50 per cent reduction nationwide; and
- education and training, where just one appointment was made.
The only category with no appointments was 'deposit taking institutions'.