Tag Archives: insolvency and liquidation risks
Companies scared of new sharemarket floats in downturn
Just eight companies floated on the Australian Stock Exchange in the first six months of 2009, raising a $90.86 million. Continue reading
Flight Centre sheds hundreds of jobs due to slump in air travel
FLIGHT Centre says more staff will go at the travel agency, despite predicting the worst of the economic slowdown has passed.
Australia’s largest travel agency has forecast annual profit to fall by more than two-thirds because of a slump in air travel. Continue reading
Insolvency up 23% in February
Insolvency firms are bracing for a surge in the number of companies entering voluntary administrations and liquidations after new figures from the Australian Securities and Investments Commission revealed the number of insolvencies leapt 23% in February. Continue reading
G20 leaders strike historic agreement to save world economy
Leaders from the world’s 20 biggest economies have struck an historic agreement to pump $US1 trillion ($1.43 trillion) into the global financial system as part of a major rescue package. Continue reading
Government now agrees unemployment will be higher than 7%
AUSTRALIA’S unemployment rate will climb higher than the previous forecast of 7 per cent, Treasurer Wayne Swan says.
The OECD tipped this week unemployment will reach an average of 10 per cent across the developed world in 2009.
Growth in developed countries is projected to shrink by 4.3 per cent over the same time, a contraction which Mr Swan says has significant implications for Australia.
Retail sales figures released yesterday show retail spending suffered its biggest monthly slump in February since the introduction of the GST in 2000.
Sales tumbled 2 per cent in February from record levels in January.
Liquidation Direct is seeing an increase in the number of business failures, insolvency and bankruptcy. Many of the bankruptcies are involving people who have lost their jobs as a result of the economic crisis.
If you are having insolvency issues, call the insolvency and liquidation assistance line on 1300 767 525. The service is free of charge and obligation and is operated 24 hours a day – every day.
Rates may fall as gloom worsens
The Reserve Bank of Australia is tipped to cut interest rates to a record-low level tomorrow as the effects of the global downturn threaten to derail the domestic economy. Continue reading
Total Insolvency Appointments up 28% in 2008
Total corporate insolvency appointments rose 28% from 11,046 in 2007 to 14,173 in 2008.
Year               Insolvency Appointents
| 2008 | Â 14173 |
| 2007 | 11046 |
| 2006 | 12486 |
| 2005 | 11758 |
| 2004 | 10823 |
| 2003 | 10191 |
| 2002 | 10220 |
| 2001 | 10504 |
Clearly, the global financial crisis is affecting the number of insolvency appointments and it is expected that 2009 will see a further increase in the number of total insolvencies.
Liquidation Direct operates a free insolvency advice line. Call 1300 767 525 for free and confidential insolvency advice – 24 hours per day.
IMF says 2009 to be the worst since the Great Depression
THE International Monetary Fund has forecast the worst year for the world economy since the Great Depression. Continue reading
Indicators pointing to Aussie recession
The bad economic news just keeps coming, with figures released today showing growth is likely to continue to shrink this year. Continue reading
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