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




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