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Tree lopper cuts out with $460K debt to ATO and workers The Australian Taxation Office is expected to be the largest creditor owed some $460,000 by a tree lopping company which has been placed into liquidation.
Business by Tony Raggatt
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Subscriber only THE Australian Taxation Office is expected to be the largest creditor owed some $460,000 by a Townsville tree lopping company which has been placed into liquidation. The public notices of the Australian Securities and Investments Corporation say a general meeting of the members of Sun City Trees and Mulch Pty Ltd was held on January 29 at which it was resolved to voluntarily wind up the company.
News by David Ross
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Subscriber only Insolvencies are expected to spike in coming months as Australian businesses exit temporary protections imposed in the early days of the pandemic. SM Solvency Accountants projects 15,800 companies will enter external administration by September 2021. Personal insolvencies are expected to reach 25,500 by September, peaking in March. SM Solvency Accountants partner Brendan Nixon said the backlog of insolvencies coupled with the tapering of economic support from the federal government would create a wave of insolvencies in 2021. There will be some bounce back with the economy but I think things will become clearer when businesses are forced to commit to operating again long term, he said.