Financial advisory partner John McInerney said 50,000 warning letters recently sent to company directors by the ATO would trigger at least 10,000 insolvencies, and possibly 20,000 or more.
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Insolvency ‘tsunami’ will wipe out 10,000-plus companies
Thousands of COVID zombie companies plus many more with unmanageable debts mean Australia will be overwhelmed with insolvencies in about six months, says a Grant Thornton specialist.
