Thinking of declaring Insolvency in Melbourne or Victoria?

Even when the Australian economy is doing well, around 7,498 corporate insolvency reports were recorded in Australia for the 2022–2023 financial year. (Source: ASIC) Victoria had 23%, or around 1,753 corporate bankruptcy reports, for the 2022 financial year and showed no sign that they were slowing down or stopping anytime soon.

Insolvency Melbourne or Victoria

There are many reasons why a company would declare itself, and below are some warning signs you should not ignore, which include:

• Creditors who do not wish to extend your debt facility with you

• Dwindling sales, as well as the customer base that is falling

• Suppliers are cutting off deliveries as they wait for pending payments

• Having the ATO pursue you for unpaid taxes or superannuation obligations

The top five industries in which insolvencies occurred in the state of Victoria were:

• Business and Personal Services

• Construction

• Accommodation and Food Services

• Retail Trade

• Transport, Postal and Warehousing

Need more information about company insolvency? 

“As a bankruptcy and insolvency specialist, I know how hard it is when you are stressed out because of your debt. There’s nothing worse than being stuck in the cycle where all hope seems lost.  So, if this sounds remotely familiar, let me offer my services as soon as possible so we can work on getting your finances back on track together.” 

Andrew Bell Insolvency Advisor

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With over 30 years of experience in debt solutions and insolvency in Australia, Andrew can find a solution for you.

“Nothing is more satisfying to me than knowing that I’ve helped someone get back on their feet by guiding them through the insolvency process. Rest assured, you’re in good hands with me as we solve your financial problems together.”

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