ASIC today published its annual overview of corporate insolvencies based on statutory reports lodged by external administrators for the 201516 financial year.
Report 507 Insolvency statistics: External administrators reports (July 2015 to June 2016) is ASICs eighth report and provides information on the nature of corporate insolvencies, supplementing the monthly statistics that ASIC publishes on its website.
The report summarises information from 9,465 reports that ASIC received from external administrators during the 20152016 financial year and includes ASICs response to their reports of alleged misconduct.
An external administrators role includes investigating company failure and reporting both to creditors and ASIC.
ASI…
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