On 4 December 2014, the Senate announced a national inquiry into the scale and incidence of insolvency in the Australian construction industry. The inquiry and report – to be conducted by the Senate Economics References Committee by 11 November this year – will focus on the causes and effects of insolvencies within the national construction sector.
It will also examine the amount of money lost by creditors; the impact of insolvency; the adequacy of the current law and regulation to reduce insolvencies within the construction industry; and the incidence and nature of misconduct related to insolvencies, including unlawful debt collecting.
The construction industry is one of the most at-risk industries in Australia, with the percentage of construction companies placed into administration each year standing at around 22-24 per cent. Creditors involved in these insolvencies lose a total estimated amount of $2.64 billion each year.
If your business is facing insolvency – whether you operate in the construction industry or otherwise – it is important to take action immediately and find the right advice and solution for your situation.
Insolvency Services Australia (ISA) is an insolvency specialist firm that specialises in handling corporate insolvency cases. We are fully licensed and registered to provide services in company liquidation and voluntary administration.
At ISA, we are customer-focused. We complete all of our services in-house and have a registered liquidator onsite, meaning that we will handle your case from beginning to end.
Call us today to find an insolvency solution for your business, on our 24-hour hotline – 1800 003 883. All calls are confidential and, if you wish, you can remain anonymous.