AAP
Insolvencies spiked in Australia in the September quarter as creditors got tough on debt recovery, fresh data from the corporate watchdog shows.
The Australian Securities and Investments Commission (ASIC) on Wednesday reported 2,961 companies entering external administration in the three months to September 30, up more than 11.5 per cent from 2,656 in the June quarter.
ASIC statistics show that creditor-initiated court liquidations and receivership appointments drove the increase, representing more than 33.7 per cent and over 12.7 per cent of all liquidations, respectively.
ASIC senior executive leader of insolvency practitioners Adrian Brown said the trend towards creditor-initiated court liquidations supported feedback from insolvency practitioners that they're seeing more activity as creditors tighten up on debt recovery.
The creditors included the Australian Taxation Office and various workers compensation insurers, Mr Brown said in a statement on Wednesday.
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