There is a concerning rise in the number of failing Australian companies, latest insolvency data from the Australian Securities & Investments Commission (ASIC) has shown.
During the nine-month period from July 2023 to March 2024, a total of 7,742 companies entered external administration, marking a 36.2% increase compared to the same period in the previous year.
The construction sector, with 2,142 companies, and the accommodation and food services industries, with 1,174 failures, were the hardest hit, accounting for approximately 27.7% and 15.2% of the total, respectively.
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