Business Insolvencies on the Rise

Recent ASIC data shows that in the 9 months from 1 July 2023 to 31 March 2024 a 36.2% increase in business insolvencies.

Recent ASIC data shows that in the 9 months from 1 July 2023 to 31 March 2024 a 36.2% increase in business insolvencies.  According to ASIC data there were 7,742 insolvencies during this period with businesses from the construction industry (2,142) and food services industries (1,174) accounting for the majorities of business failures during this period.

ASIC expects that the number of insolvencies will exceed 10,000 by the end of the financial year, which represents a level of insolvencies not seen since 2012-2013.

If you are owed money from a debtor or you have received a demand from a liquidator of a collapsed company, FD Legal can assist.  Contact FD Legal on 1300 433 533 or enquiry@fdlegal.com.au to discuss your circumstances.

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