Distressed Assets Media Centre
03 March 2010
Manufacturer, health care group and NSW resort in receivership as collapses surge
Source: smartcompany.com.au
A South Australian manufacturer, a hospital group with operations in New South Wales, Victoria and Queensland and a resort in the Blue Mountains are the latest victims of what insolvency experts are calling a surge in company collapses.
Vantage Performance managing director Michael Fingland and JP Downey principal Jim Downey have both reported a spike in inquiries since the middle of February and also point to a surge in the number of collapsed businesses being advertised for sale in national newspapers.
"I certainly believe this is the surge that we have been predicting for some time now," Fingland says.
"There are a lot people heading for us at the moment," Downey agrees.
A number of factors are contributing to the surge in collapses.
The first few months of the year typically see the largest numbers of insolvency actions, as the seasonal summer cashflow crunch forces struggling companies to the wall.
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