Business collapses hit a 3 year high last month, to jump back above pre-pandemic trends for the first time, as rising interest rates and a cooling economy bite corporate Australia.
Insolvency lawyers say the end of the cheap money era, banks becoming less forgiving of distressed corporate borrowers and the Australian Taxation Office cracking down on company directors for unpaid tax debt are driving more businesses to the wall.
Insolvencies are up including in retail. Justin McManus
The corporate regulator released new insolvency data on Tuesday showing that 831 companies had administrators appointed in March, compared to an average of 720 for the same month between the 2016-17 and 2018-2019 fina…
Read the full article at: https://www.afr.com/policy/economy/insolvency-wave-hits-business-far-and-wide-20230418-p5d1by