Insolvencies will surge over the next few months as economic pressures combine with increasingly aggressive debt collection by the ATO and big 4 banks, Insolvency Australia says.
Director Gareth Gammon said there had been a significant increase in winding-up applications and ATO-initiated court recoveries, particularly in the second half of FY23.
Over the past year theres been plenty of discussion in the sector about the incoming insolvency wave, he said. It started with a trickle and its now become more of a surge as economic pressures and the ATOs debt collection activities combine to create the perfect storm.
Were now seeing an increase in court wind-ups by the big four banks, which means the next few months could well be equally ch…
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