act nsw record bankruptcies- wanna loan?

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    Insolvencies on the rise
    January 11, 2005

    The deflation of the property market in 2004 has been blamed for helping NSW and the ACT to their highest number of insolvencies in nearly a decade, practitioners PPB said yesterday.

    A survey by PPB of privately appointed receiverships found there were 115 in NSW and the ACT in the six months to the end of November, the highest level in nine years.

    It was also nearly double the 62 in the six months to May 31.

    Senior partner Max Prentice said the fall in property prices during 2004 was one possible explanation for the jump.

    "My view is quite a few are property-related."

    The figures for the period were slightly exaggerated, as seven group appointments accounted for 56 of the company receiverships.

    But Mr Prentice said the result was still above average, "which is quite curious when you consider the market in terms of the economy supposedly booming".

    The figures also showed that the big four accounting firms - KPMG, PricewaterhouseCoopers, Ernst and Young, and Deloittes - were not appointed as receivers as frequently as they were in the past.

    Mr Prentice said this was because they were becoming more focused on auditing.
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