Many businesses are scrambling to keep debt collectors at bay, as the ATO begins chasing down money owed following the pandemic.
The ATO and other creditors currently pose the greatest ‘threat’ to cash-strapped small and medium-sized businesses, says Insolvency Australia, which has just released its latest Corporate Insolvency Index.
It comes as a popular West Australian business Barretts Bakery, this week was put into administration after it owed the ATO $2 million.
Administrators were given control of the string of bakeries, which first opened in Perth in 1998, on July 27, according to a notice published on the ASIC website.
The annual Corporate Insolvency Index revealed there was a 57 per cent increase nationally in the total…
