CreditorWatch, in conjunction with McGrathNicol, launched a new white paper exploring insolvency trends, options for businesses working through debts and potential sources of funding post-31 March.
The credit reporting agency said that according to figures published by the Australian Securities and Investments Commission, each year, roughly 8,000 businesses are placed into external administration.
But it noted that, in 2020, only 5,000 businesses entered administration, meaning 3,000 businesses that should have become insolvent last year are due to fail this year.
Further, an additional cohort of businesses is likely to enter administration as a result of the pandemic, which could prompt an additional 2,000 businesses to fail this quart…
Read the full article at: https://www.mybusiness.com.au/management/8047-5k-business-insolvencies-in-months-following-jobkeeper-report-predicts