2011 was Australia's toughest year on record for corporate insolvencies, according to specialist insolvency firm, Taylor Woodings.
In an analysis released this week, the company pointed to the latest monthly insolvency figures as showing just how tough 2011 proved to be, with 10,481 companies collapsing – 52 per cent higher than the historical average and 11 per cent higher than in 2009 at the height of the global financial crisis.
It said that despite the full year result, total company collapses for December 2011 fell markedly, down 22.4 per cent from 983 in November to 763 – consistent with December's long-term trend as it is a shorter trading month.
The Taylor Woodings assessment said receiver manager appointments were up 8.9 per cent for the month – increasing significantly in Victoria (14.2 per cent) and Queensland (25 per cent).
It said all states and territories had recorded a fall in company collapses in December, with South Australia and Western Australia falling by 66.7 per cent and 51.1 per cent respectively.
