Risk Watch Essentials – September 2023.
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Rodgers Reidy International Conference
It was great to hold the RR International conference last week in Vietnam with affiliates from Australia, NZ,and Asia. A highlight was the session chaired by RR Australian Banking and FInance Director, Charles Saliba. Thanks to everyone for their contributions to make this the best conference ever. We look forward now celebrating the 25th anniversary of RR next year.
Small Business Restructuring
During the month September 2023, 50* companies appointed a Restructuring Practitioner out of a population of around 990,000 small companies in Australia.
*Provisional. The graph has been adjusted from last month to take account of final figures released by ASIC post publication.
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 September 2023.
Winding Up applications filed with the Court in September 2023
| Winding Up applications | Australia | NSW | VIC | QLD | WA | ACT | SA | NT | TAS | ||||||||
| TOTAL | (No.) | (No.) | (%) | (No.) | (%) | (No.) | (%) | (No.) | (%) | (No.) | (%) | (No.) | (%) | (No.) | (%) | (No.) | (%) |
| 302 | 101 | 33 | 138 | 46 | 37 | 12 | 19 | 6 | 1 | 0 | 5 | 2 | 1 | 0 | 0 | 0 | |
There were one-hundred seven (107) winding up applications filed by the ATO in September 2023 compared, coincidently, with one-hundred seven (107) in August 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.) | (%) |
| 777 | 361 | 46 | 221 | 28 | 110 | 14 | 40 | 5 | 13 | 2 | 29 | 4 | 2 | 0 | 1 | 0 | |
| Court Liquidation | 210 | 82 | 39 | 84 | 40 | 29 | 14 | 8 | 4 | 1 | 0 | 5 | 2 | 1 | 0 | 0 | 0 |
| Creditors’/Members’ Voluntary Liquidation | 474 | 239 | 50 | 116 | 24 | 71 | 15 | 17 | 4 | 8 | 2 | 21 | 4 | 1 | 0 | 1 | 0 |
| Voluntary Administration | 93 | 40 | 43 | 21 | 23 | 10 | 11 | 15 | 2 | 4 | 4 | 3 | 3 | 0 | 0 | 0 | 0 |
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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