Skittish creditors are taking matters into their own hands and forcing companies to liquidate over fears of never seeing their money again.
New data from the corporate regulator, the Australian Investments and Securities Commission (ASIC), has revealed that the number of court-appointed company liquidations has spiked drastically.
In the first six months of the current financial year, 1,047 companies were forced to shutter their doors for good.
Thats nearly equal to the total court wind-ups for the entire 2022-23 financial year, which came in at 1,081.
Analysis by insolvency firm RSM Australia Restructuring and Recovery said this put court actions on track to double for the remainder of this financial year.
The analysis also noted that th…
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