Personal insolvencies are spiking as the cost-of-living crisis continues to bite and business failures trigger a ripple effect and theres more to come, says insolvency and business turnaround specialist Jirsch Sutherland.
The comments come off the back of the March quarter 2024 new personal insolvencies statistics from AFSA, which reveals an increase of almost 20% compared with the March quarter 2023.
According to the AFSA statistics, in the three months to March 2024, more than a quarter of personal insolvencies were business related, which Malcolm Howell, a Partner with Jirsch Sutherland, says isnt surprising.
Theres been a marked increase in corporate insolvencies and the domino effect continues to reverberate across personal insolv…
Read the full article at: https://retailworldmagazine.com.au/business-failure-wave-flowing-into-personal-insolvencies/