The Australian Securities and Investments Commission (ASIC) has released its latest annual statistics of reports lodged by registered liquidators about Australian corporate insolvency, revealing small businesses are still experiencing the reverberations of the COVID-19 pandemic.
Statistics show small to medium-sized businesses (SME) continue to dominate in the number of reported corporate insolvencies. Of the reports lodged, 83% had assets of $100,000 or less, 82% had fewer than 20 employees, 32% had liabilities of less than $250,000 and 68% had liabilities of less than $1 million. In this group of creditors, 96% received from 011 cents in the dollar, which reflects the asset/liability profile of small to medium-sized corporate insolvenc…
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