Companies are collapsing at levels not since 2012, ASIC says, with external administrations on track to exceed 10,000 by the end of the financial year.
ASIC recorded 7,742 company failures in the past nine months, over a one-third increase on the same period last year, according to insolvency data published yesterday.
“With only one quarter remaining this financial year, it’s expected that the number of companies entering external administration by 30 June 2024 will exceed 10,000,” the regulator said.
It said the surging levels of company failures had not been seen since the 2012–2013 financial year, when 9,254 companies entered external administration.
From July 2023 to March, the construction industry and the…
