Some businesses across the nation may need to close.
One in four personal insolvencies recorded in June were business-related, according to provisional government data, as officials and bankruptcy professionals alike prepare for insolvencies to rise over the next year.
The Australian Financial Security Authority (AFSA) released its latest data snapshot on Monday, detailing how personal insolvency numbers that is, the number of individuals formally declaring they cannot repay their debts when they are due changed from the end of May.
The data also captures how the personal finances of entrepreneurs can become intertwined with their business endeavours, in a way not captured by company insolvency statistics alone.
AFSA tallied 901 ne…
Read the full article at: https://www.smartcompany.com.au/finance/personal-insolvencies-business-australia-snapshot/