Cash-strapped businesses are buckling under pressure from the Australian Taxation Office and other creditors as the insolvency trickle turns into a surge.
Thats the verdict from comparison site Insolvency Australia, which found the number of businesses going bust has risen significantly in the past year.
Companies appointing administrators, liquidators and insolvency firms increased by 57 per cent nationally in the latest quarter, compared with the same time in 2021/22.
NSW had the most businesses slip into financial strife in the last quarter, with almost 1170 corporate insolvencies.
Tasmania recorded the largest year-on-year percentage increase in insolvencies, at 133 per cent.
The ACT copped a 64 per …
Read the full article at: https://michaelwest.com.au/perfect-storm-insolvency-surge-threatens-businesses/