Data from the Australian Securities and Investments Commission (ASIC) revealed a record 11,049 corporate collapses in 2023–24:
Persistent inflation, high interest rates, and the Australian Taxation Office pursuing tax debts were blamed for the 40% increase in corporate insolvencies in 2023–24.
“The usual suspects of inflation, interest rates and sentiment are influencing insolvencies”, Ashurst restructuring and insolvency partner Michael Sloan said.
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“SMEs are facing a more trenchant ATO which is no longer amenable to effectively financing struggling businesses”.
“Property financiers are seeing increased volumes of distressed developments. The health sector is facing its own economic malaise”.
Restructuring…
