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READ MORE120 DPNs a day drive insolvencies back to pre-pandemic level
Business insolvencies are back to pre-pandemic levels with the ATO firing out 120 director penalty notices a day as it ramps up debt collection to full speed.
July recorded 674 businesses being wound up or entering administration, line-ball with the comparable figure for 2019–20 after two years running at half that level.
The impact of the ATO’s activity was hitting more quickly than expected, said chief executive of the Australian Restructuring Insolvency & Turnaround Association, John Winter, and there was little chance of a slowdown now.
“This is the first time we’ve seen a month of statistics that line back up to that pre-COVID base level,” Mr Winter said about the ASIC figures released on Monday (8 August).
Read more at Accountants Daily
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