Safe Harbour – A shelter from the storm
Dr. Stephen van der Mye
Honorary Adjunct Professor, Faculty of Law, Bond University
Corporate Insolvency Overview
The Australian Securities and Investments Commission (ASIC) has reported a significant rise in corporate insolvencies. Data from July 2023 to March 2024 shows a 36.2% increase, with 7,742 companies entering external administration. This surge is most pronounced in the construction and accommodation/food services industries, which together account for over 40% of these insolvencies. ASIC projects that by June 30, 2024, the number of companies entering external administration will exceed 10,000—a level not seen since 2012-2013.
The repercussions of these insolvencies are…
