Bank­rupt busi­ness

Tweed Daily News - - NEWS BUSINESS - Alina Rylko alina.rylko@north­ern­star.com.au

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.”

Newspapers in English

Newspapers from Australia

© PressReader. All rights reserved.