WESTERN Australia tops the states for the most corporate insolvencies in the past year, new figures released by the corporate regulator reveal.
Corporate insolvencies in Australia in the 11 months to the end of May rose 4.4 per cent on year, ASIC said.
The new figures show Western Australia experienced a 20.7 per cent rise in the number of insolvencies, the biggest rate of any Australian state.
"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," ASIC executive Adrian Brown said in a statement, Dow Jones newswires report.
Insolvencies rose 13.2 per cent in South Australia, 9.8 per cent in Victoria and 0.9 per cent in NSW> Tasmania and Queensland saw the number of insolvents fall, with 6.6 per cent and 0.4 per cent respectively.
See related story: Insolvencies on the rise: ASIC