As the world gradually emerges from the shadows of the COVID-19 pandemic, the economic aftermath continues to ripple through the business sector, particularly affecting directors of previously wound-up businesses. A significant surge in business-related personal insolvencies signals a challenging period ahead, with personal guarantees coming back to haunt many. The latest quarterly report from the Australian Financial Security Authority (AFSA) indicates a concerning trend, placing a spotlight on the responsibilities and risks borne by directors.
Unprecedented Surge in Insolvencies
According to the Personal Insolvencies Quarterly Report from AFSA for December 2023, business-related personal insolvencies constituted over a q…
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