The number of insolvencies has continued to rise and remains well above pre-COVID-19 levels, the latest ASIC data has revealed.
ASIC’s latest insolvency figures indicate there were a total of 9,996 companies that had entered external administration or had a controller appointed at 2 June this year.
The insolvency figures for the 2023–24 financial year so far are already around 25 per cent higher compared with the figure for the entire 2022–23 financial year.
They also remain well above the base level average of the 2017, 2018 and 2019 income years which was 7,939.
CreditorWatch chief economist Anneke Thompson said data from the latest CreditorWatch Business Risk…
