Reply #95: State business failures at record high and worse to come after floods

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http://www.couriermail.com.au/business/state-business-failures-at-record-high-and-worse-to-come-after-floods/story-e6freqmx-1226054936829

BUSINESS failures reached a record high in Queensland for the year to March, figures show, but worse may be on the horizon as the impact of January's floods begins to bite.

The Australian Securities and Investments Commission reported 9672 businesses became insolvent nationally over the period. In Queensland 1942 businesses entered external administration in the year to March most wound up by creditors (nearly 39 per cent) and the court (26 per cent).

Director of liquidating firm Dissolve Cliff Sanderson warned the result was Queensland's highest for a year period.

"Over the long term the proportion of insolvencies in Queensland compared to the rest of Australia, has been steadily increasing," he said.