Before June ended, a major hospitality group with around 20 restaurants across Australia went under receivership. The incident confirms many local companies are finding the local business climate no longer healthy in Australia, particularly in view of the end of the mining boom.
Sydney Morning Herald reports that the number of Australian companies which went bust or have become insolvent grew 15 percent to 10,258 the past 12 months to April 2016. It is higher than the 8,899 companies that declared insolvency the previous year, according to FTI, a business advisory company.
The harsh business environment is particularly felt in Western Australia and Queensland where the number of company insolvencies are higher than the Austral…
Read the full article at: http://www.ibtimes.com.au/number-insolvent-australian-companies-rises-15-more-10000-last-12-months-1520905