Pleas for assistance with business insolvency matters have jumped 50%, the Australian Small Business and Family Enterprise Ombudsman (ASBFEO) says, showing the extent and severity of the cash flow crunch.
The ombudsman received 6,254 requests for help over the 2023-2024 financial year, a 10% increase from the year prior, according to a summary of its June quarterly report.
Requests for help with insolvency — either from those considering insolvency, or those worried an insolvent business owed them money — jumped significantly.
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The ASBFEO registered nearly 140 requests in that category last financial year, up from around 90…
