Data shows a dozen Territory businesses have gone bust throughout COVID-19 thus far
A DOZEN NT businesses have gone under since the impacts of coronavirus first began to be felt in Australia, according to new data
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A DOZEN NT businesses have gone under since the impacts of coronavirus first began to be felt in Australia, according to data from the Australian Securities and Investments Commission.
A list of national business insolvencies from ASIC shows that a total of 12 Territory businesses become insolvent between January and August this year.
They include SAR Cleaning, Coolalinga Bakery, Bodhi Bus NT, All Tools NT, Manoli’s Greek Taverna and Affordable Funerals Katherine.
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However, the numbers also show temporary measures designed to prevent Australian companies from becoming insolvent have largely helped NT companies, with businesses insolvencies in the Territory declining from a five-year June average of nine to just two this year.
The number of business insolvencies across Australia during June also fell, from a five-year June average of 1134 to 510.
But Australian business leaders are warning those measures could ultimately send more businesses to the wall and provide the breeding ground for dodgy operators.
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CreditorWatch chief executive Patrick Coghlan said extending the relaxed insolvency measures might seem appealing given the harsh economic environment, the measures were “supporting zombie businesses that are continuing to take on more debt” which could create problems.
“We could see that domino effect because these secondary business to fail when they probably could have survived if they knew which companies were ultimately trading insolvent now,” he said.
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