Restructuring appointments are surging compared to 2022 levels, data from Australia’s corporate regulator shows; one accountant describes being “overwhelmed” by rising interest among struggling SMEs.
Data from the Australian Securities and Investment Commission, released last week, shows 341 restructuring practitioner appointments were made in the 2022-23 financial year to May 7.
Even though the full financial year is not yet through, that figure is nearly five times the 70 restructuring appointments confirmed through 2021-22.
Some 138 businesses applied to restructure in the March quarter of 2022-23 alone, with figures remaining high through the month of April.
The filing of restructuring plans is also on the rise: 63 have been accepted in the June quarter to date, compared to 77 in the March quarter.
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