This blog article was co-authored with Shumi Ruan
Overview
As Australian businesses have begun to face the reality of the changing global macroeconomic conditions, it is increasingly important for companies and their directors to consider the risk of corporate insolvency as they navigate slower economic activity.
The latest statistics released by the Australian Securities and Investment Commission (ASIC) show that 7,942 Australian companies entered into external administration in 2022-23 financial year. This is up by nearly 50 percent compared to the previous year. These statistics also show that increased business distress is more acutely felt in the following high-risk industries:
- Construction;
- Accommodation and food services; and
- R…
Read the full article at: https://www.nortonrosefulbright.com/en/restructuring-touchpoint/blog/2023/08/key-insolvency-trends-revealed-by-asic-statistics