Business collapses have hit the highest monthly level in more than seven years, as failures spread beyond property construction to retail, healthcare, childcare and mining.
Higher interest rates, weaker consumer spending and directors throwing in the keys after a temporary pandemic reprieve are the main reasons for the jump in insolvencies.
Baker McKenzie partner Maria OBrien says insolvencies are hitting some unexpected sectors. Oscar Colman
Insolvency and restructuring appointments hit 868 last month, the highest monthly result since November 2015, according to analysis of Australian Securities and Investments Commission data.
While some of the spike is attributed to a catch-up of struggling busi…
Read the full article at: https://www.afr.com/policy/economy/business-collapses-spread-beyond-property-20230620-p5dhxm