Insolvencies halve in months for Northern Rivers

INSOLVENCIES across the Northern Rivers nearly halved in the final months of 2014 new figures have revealed.

Australian Financial Security Authority figures, released this week, show the number of insolvencies across the Richmond Valley's coastal and hinterland regions had dropped off significantly.

In the September quarter last year 46 people business were declared insolvent, but in the December quarter just 29 were.

The number of businesses that went bankrupt dropped from 10 in the September quarter to just four to the end of December.

Personal insolvencies dropped from 36 to 25 over the same time periods.

Northern Rivers NSW Business Chamber regional manager John Murray said the low number was good news for the business across the region.

"It's fantastic news," he said.

"I'm obviously upset to learn about any insolvency, there is a sad story behind every one - a person or family who has lost a lot.

"But I'm pleased it is a low number."

Mr Murray said the figures came after a report showing disappointing local results in the December quarter but at a time of increasing business confidence.

"In the December quarter profits were down against expectations and costs were up against expectations.

"But business confidence looking forward into 2015 is actually quite strong."

Similarly the figures show December quarter bankruptcy halved in 2014 from 2013.

The AFSA figures show there were 63 insolvencies in the 2013 December quarter, with 20 businesses and 43 people being declared bankrupt. The 2014 total was just 29 insolvencies declared.

Nationally the AFSA said unemployment and economic conditions were the biggest factors in insolvency declarations in the December quarter.


Topics:  business economy insolvency

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