Corporate insolvencies in Western Australia have increased by more than 20 per cent over the financial year to May, according to official figures released by the Australian Securities and Investments Commission.
Over the 11 months to May, 624 WA companies were entered into external administration, the ASIC figures said, up from 517 over the previous corresponding period.
Nationally, there were 8,802 external administrations, a rise of 4.4 per cent on the previous year's 8,433.
ASIC senior executive leader of the insolvency practitioners team, Adrian Brown, said despite a decrease n external administration appointments in May compared to last year, the new statistics showed the number of court liquidations and director initiated creditors voluntary liquidations had risen.
"Statistics collated by ASIC up to and including May 2011, show court liquidations in Australia rose 8.6 per cent and director initiated creditors voluntary liquidations rose 7.6 per cent," Mr Brown said.
"Western Australia is also seeing its fair share of corporate insolvencies, despite suggestions that it's in the fast lane of a two speed economy."
Victoria (+9.8 per cent), South Australia (+13.2 per cent) and the Northern Territory (+55 per cent) also recorded an increase in insolvencies over the period.
Corporate collapses were relatively stable in Queensland (-0.04 per cent) and New South Wales (+0.09 per cent) while Tasmania (-6.6 per cent) and the ACT (-12.4 per cent) experienced a decline.
