Home » Risk Watch Essentials – August 2023

Risk Watch Essentials – August 2023.

Categories: Uncategorized04/09/2023
Categories: Uncategorized04/09/2023


Risk Watch Essentials

Shark Tank

An article published last week (link below) considered a matter where Rodgers Reidy had acted a few years ago as Voluntary Administrators for the biggest Shark Tank deal ever. Sometimes, however, even the greatest ideas are not enough and you need to reach out for expert restructuring advice. When Rodgers Reidy did the Shank Tank administration, the new Small Business Restructuring (SBR) laws didn’t exist. These days SBR is a wonderful lifeline to an otherwise viable business struggling with the problems of the past. Reach out early to your local Rodgers Reidy office to get restructuring advice.


Small Business Restructuring

During the month of August 2023, 30* companies appointed a Restructuring Practitioner out of a population of around 990,000 small companies in Australia.

Source: https://asic.gov.au/regulatory-resources/find-a-document/statistics/insolvency-statistics/insolvency-statistics-current/

Our understanding of the market is that small businesses are coming under greater and greater financial pressure in the current economic climate. For any small business with an otherwise viable business model, an SBR should be the restructuring tool of choice to relieve historical debt problems. The message is just not getting out there that SBR can save your small business at least cost and interruption.  Feel free to contact your local Rodgers Reidy office to discuss whether this option is right for your clients.

The tables and graphs below summarise the data essentials captured from our daily Risk Watch publication, which provides a synopsis of the insolvency market for August 2023.

Winding Up applications filed with the Court in August 2023

Winding Up applications Australia NSW VIC QLD WA ACT SA NT TAS
TOTAL (No.) (No.) (%) (No.) (%) (No.) (%) (No.) (%) (No.) (%) (No.) (%) (No.) (%) (No.) (%)
317 92 29 155 49 47 15 12 4 2 1 7 2 2 0 0 0


There were one-hundred seven (107) winding up applications filed by the ATO in August 2023 compared with eighty-three (83) in July 2023.

Formal Appointments in August 2023

Formal Appointments Australia NSW VIC QLD WA ACT SA NT TAS
TOTAL (No.) (No.) (%) (No.) (%) (No.) (%) (No.) (%) (No.) (%) (No.) (%) (No.) (%) (No.) (%)
898 405 45 223 35 149 17 60 7 25 3 25 3 3 0 8 1
Court Liquidation 229 111 48 71 31 26 11 10 4 4 2 5 2 1 0 1 0
Creditors’/Members’ Voluntary Liquidation 563 246 44 126 22 111 20 35 6 20 4 19 3 0 0 6 1
Voluntary Administration 106 48 45 26 25 12 11 15 2 1 1 1 1 2 2 1 1


Rodgers Reidy is one of the foremost providers of insolvency, forensic and reconstruction services to distressed businesses throughout Australia, New Zealand and Asia. With a strong commitment to integrity and the community, Rodgers Reidy provides a professional and quality service, offering innovative, cost effective solutions.  Please contact any of our directors by clicking the appropriate office below for an initial consultation free of charge.

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