Chart: More Australian Companies Went Bust This April After Dismal First Quarter Earnings

More businesses went bust in April this year than in the same month any year since ASIC statistics were made public in 1999.

ASIC data released Tuesday revealed that 941 companies became insolvent in April, a 2.5% increase on March and ahead of 869 insolvencies in April last year.

FTI Consulting produced the following chart today that shows how the latest number compares with historical statistics:

A total have 3447 companies have entered administration so far in 2013, compared to 3524 in the same period last year.

“The increase from March to April was driven by an 8.1% rise in creditor windups and a 16.1% climb in voluntary administrations. FTI Consulting expects voluntary administrations rose after companies reviewed first quarter earnings,” the firm reported.

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