WITHIN a three-month period, nine Tweed Valley businesses went bankrupt or declared they were unable to pay their debts, according to new Australian Financial Security Authority data.
It was the third highest number of businesses going bust in the NSW Australian Statistical Geography Standard area, for the September quarter, excluding Sydney.
Gosford had 14 debtors, Port Macquarie had 10, and Coffs Harbour had eight.
The statistics include insolvency (where businesses can no longer pay back lenders on time) and bankruptcies.
Murwillumbah Business Chamber president Ilze Gaunberzins said the results were tragic and concerning, and could be related to the impact of the March floods.
“Bankruptcy has a profound impact on business owners and their family, dreams are dashed and that is really distressing,” she said.
“I think we’re still raw and tender from the flood.
“We put on a brave face but in terms of financially supporting each other that hasn’t been possible.
“People have had to dip into their family savings and mortgages.”