Business
Late payments spike, zombies on the rise – The Australian Financial Review
Late payments in the financial and insurance services sector are up 657 per cent on August 2019, raising concerns that zombie companies are on the rise.
As foreshadowed by The Australian Financial Reviewin July, the increased thresholds at which creditors can issue a demand on a company and/or initiate bankruptcy proceedings will be extended until December 31.
CreditorWatch chief executive Patrick Coghlan said the latest statistics on late payments and administrations indicate that thousands of Australian ‘zombie’ businesses were now relying on government support to stay afloat.
Whilst Safe Harbour legislation was critical in stabilising the A…
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