Recovering Debts from Insolvent Companies
As of the latest data available, insolvency statistics in Australia have shown fluctuations in recent years. The Australian Securities and Investments Commission (ASIC) and the Australian Financial Security Authority (AFSA) are the primary regulatory bodies that monitor and report on insolvency trends in the country.
As of the latest data available, insolvency statistics in Australia have shown fluctuations in recent years. The Australian Securities and Investments Commission (ASIC) and the Australian Financial Security Authority (AFSA) are the primary regulatory bodies that monitor and report on insolvency trends in the country.
In recent years, there has been a gradual increase in the number of insolvency appointments, including bankruptcies and corporate insolvencies. Factors such as economic conditions, changes in legislation, and industry-specific challenges can influence insolvency rates. Data released by ASIC in July 2024 shows that there was a 59% increase in company insolvencies for May 2024 when compared to May 2023 and almost a 200% increase from May 2023.
At FD Legal we have noticed an increase in clients approaching our firm to help them recover unpaid debts. This often starts with FD Legal issuing a letter of demand and, if the debt remains unpaid, also a Statutory Demand to recover a debt which is due and payable.
Whilst issuing a statutory demand is a important step that requires careful consideration, the increase in company insolvencies in Australia presents a concerning trend for the state of the economy in Australia.
If you have an unpaid debt and need legal assistance, we encourage you to contact FD Legal to help you understand your rights to recover your money. Contact FD Legal on 1300 433 533 or enquiry@fdlegal.com.au to discuss your circumstances on an obligation free basis.
