ASIC’s Senior Executive Leader of the Insolvency Practitioners team, Adrian Brown, said that despite a decrease in external administration appointments in May compared to the same time last year, these latest figures show the number of court liquidations and director initiated creditors voluntary liquidations have risen.

‘Statistics collated by ASIC up to and including May 2011, show court liquidations in Australia rose 8.6% and director initiated creditors voluntary liquidations rose 7.6%. 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,’ Mr Brown said.

‘Interestingly, receivership and voluntary administration appointments, Australia-wide, have fallen,’ Mr Brown added.
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ASIC publishes monthly insolvency statistics detailing the number and type of corporate insolvency appointments. External administrators, (liquidators, receivers and managers and voluntary administrators) are obliged by law to advise ASIC of their appointments.

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ASIC has obtained orders, by consent, in the Supreme Court of Queensland appointing Mr Michael McCann, of Grant Thornton, as liquidator of Global Rule Pty Ltd (Global Rule) and as trustee of the Global Rule Trust.

Freezing orders were also made restraining the disposal of any property by Global Rule’s director, Mr Frederick Leslie Hansen, for 12 months. Global Rule’s other director, Mr William John Meywes, was declared bankrupt on 22 October 2010.

Global Rule raised funds from individuals who were offered 21.6% per annum in interest payments through unsecured loan agreements. The receivers’ report, prepared in October 2010, estimated that around 170 individuals loaned money to Global Rule and that approximately $16.3 million is still owed to lenders.

ASIC’s investigations are continuing.

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