Retail, food sectors see spike in corporate insolvency

The retail, accommodation and food services sector have seen a spike in corporate insolvency appointments over the last 12 months, in line with industry concerns.

The accommodation and food services industry saw a 21 per cent spike in corporate insolvency appointments over the 2017–18 financial year, while the retail trade sector saw a 19 per cent increase, according to Worrells Solvency and Forensic Accountants latest insolvency report.

“Our experience in the last 12 months is indicative of what the Australian Securities and Investments Commission’s statistics report,” said Worrells partner Chris Cook.