Business

Failing companies up 16.7%

EVERY three months in Australia, more than 2500 companies are failing according to statistics released by the corporate regulator.

The Australian Securities and Investments Commission's latest figures show for the past nine months, more than 7500 businesses have needed to go into external administration.

For the first three months of this year, the number of failing companies increased by 16.7% compared to the same period last year.

In Queensland, it has increased by 54% from 404 in the first months of last year to 623 this year.

It was the second highest increase in the country after Tasmania, although the apple isle state only increased from 68 last year to 104 this year.

ASIC insolvency practitioners senior executive Adrian Brown said these were "historically high levels".

"In terms of location, we again see a rise in Queensland with the two other largest states of New South Wales and Victoria remaining relatively steady", Mr Brown said.

Topics:  asic




Stay Connected

Update your news preferences and get the latest news delivered to your inbox.

Car stolen from Grafton found in drug raid

Two men charged after seizure of ice, cannabis and ammunition

Candelight vigil to stand up for justice

Carols By Candelight

Clarence Valley second highest for domestic violence in NSW

Missing man believed to be in Clarence Valley

44-year-old last seen between Iluka and Wooli

Latest deals and offers

Men's Shed possum boxes

(back l-r) David Abrahams, Frank heppell, Warren Moss, Kevin Wtkins and (front) Darcy Knight with some of the possum boxes the Grafton Men's Shed are making for the new highway construction.

Grafton Men's Shed members have made 65 possum boxes for Eco Logical Australia to...

Schools rally behind Gonski

Staff from Grafton Public and High School, Westlawn Public School and Induna School joined community members at Grafton Public School to hear from the President of the Australian Education Union Correna Haythrope talk about Gonski.

Teachers, principals and community members met at Grafton Public School this...

How to peel a potato fast

There is a fast way to peel potatoes.

You've been doing it wrong all this time.

Perfect time to invest in Northern Rivers property

The Northern Rivers rental market is tighter than Sydney making it the perfect time for investors to get better returns out of property than superannuation or banks deposits.

Low interest rates and tight rental market are prime time to invest