The number of Australian businesses falling into insolvency for the first time has jumped to 967 in February 2024, according to newly released data from the Australian Securities and Investments Commission (ASIC).
This is the highest point it has ever hit since 2015 according to ASIC, and is a 74% lift on the prior month.
In the last year, the second-highest point was hit in August last year, at 918, and the third-highest in October at 907 insolvencies.
First-time insolvencies have also driven the overall number of insolvencies to a monthly high of 1,271 in February.
A handful of fashion businesses are included in this data, most recently the second collapse of Tigerlily in four years. Other Australian fashion businesses that fell…
