BENGALURU Australias corporate regulator said on April 18 that it expected the number of companies falling into insolvency to reach an 11-year high, with the construction and hospitality industries the worst hit, according to its latest insolvency data.
In the nine months to March 31, 7,742 companies had entered administration, up 36.2 per cent from the previous corresponding period, the Australian Securities and Investments Commission (Asic) said.
The regulator said it expected that figure to exceed 10,000 by the end of the financial year to June 30, a level not seen since the 20122013 financial year.
The construction and hospitality industries had the highest number of company failures, accounting for nearly 27.7 per cent and 15.2 pe…
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