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Insolvency Australia sets up helpline for distressed businesses
02 November 2023
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9 minute read
Comparison site Insolvency Australia has launched a first-of-its-kind national helpline that enables businesses and individuals to reach out for insolvency guidance.
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The service would help connect businesses, individuals and trusted advisers with registered insolvency specialists, it said.
CEO of Insolvency Australia Garth Gammon said the service was “an important lifeline” and a first step for businesses in distress.
“Australia’s insolvency numbers recently reached their highest levels this year, and the cost-of-living crisis is putting pressure on businesses and individuals alike,” he said.
“More and more people are finding themselves in financial distress, but many might not know who to turn to.
“That’s understandable; experiencing insolvency can be a daunting, stressful experience. It’s why we have put together this independent team of highly qualified business and personal insolvency specialists to help navigate the process.”
“Whether it’s for a business owner, individual or a trusted adviser such as an accountant or lawyer – regardless of where they are in Australia – calling the Insolvency Helpline can be a vital first step.”
The latest data from ASIC shows 2,494 companies went insolvent over the first three months of FY24, a 22 per cent increase on the same period last year.
That figure includes almost 300 food and accommodation businesses and almost 900 construction companies, with insolvencies in both sectors running at 34 per cent, well ahead of the overall average.
Insolvency Australian said the helpline was focused purely on insolvency and featured an independent panel consisting of qualified business and personal insolvency practitioners registered with ASIC or AFSA who could provide help.
“It will help people understand their options sooner. The earlier help is sought, the wider the range of options available, and the greater chance of achieving the best-outcome solution,” Mr Gammon said.
The service was free to callers requiring assistance, who would receive a complimentary 15-minute consultation with a helpline panel member to discuss their specific situation.
The Insolvency Helpline would be staffed Monday to Friday from 8am to 5pm Eastern Australia Time (excluding public holidays).
Insolvency Australia National Insolvency Helpline: 1300 360 800.
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