Between 10,000 and 12,000 companies in Australia are declared insolvent in a typical year, although this fell to around 4,000 to 6,000 during the COVID-19 pandemic. Factors such as government support measures and historically low interest rates had allowed many businesses to avert collapse.
However, Jason Preston of advisory and restructuring firm McGrathNicol is among the experts who anticipate a sharp rise in insolvencies in 2023, amid rising interest rates, higher costs and weaker consumer spending.
From the Brisbane Times:
