Highest Ever Number of Voluntary Liquidations in May 2023
Insolvency statistics for the period ended May 2023 show a record high of 504 Voluntary Liquidations commenced during the month. 504 is the highest monthly number of voluntary liquidations since records started back in 1999. It was a 40% increase over the same month...
The Dangers of Doing Nothing with an Insolvent Company
It’s a little known fact that the most popular course of action to deal with a company in financial distress is to do nothing at all! Throughout COVID, companies were abandoned by the thousands. Directors just walked away, and the number of monthly formal insolvency...
Company closures in March 2023 highest since 2019
March 2023 was the highest monthly corporate insolvency total since July 2019 with 828 companies entering some form of insolvency administration. March was just the third time insolvencies have edged above the 800 mark since it was a regular occurrence back in the...
ATO Issuing More “Director Penalty Notice Warning Letters”
One year and two days after the first batch, the ATO have started issuing more Director Penalty Notice Warning Letters. Practically identical to the notices issued a year ago, these new notices still don’t inform directors of all options available to them. The...
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