Tough times spark spike in Toowoomba bankruptcies
MORE than 150 Toowoomba businesses went bankrupt last year as the city struggled with the downturn in the mining boom.
The first half of 2015 appeared the toughest for doing business in the Garden City, with 94 declaring bankruptcy before the end of June, Australian Financial Security Authority figures show.
Twelve cited business-related reasons.
The tough times rarely eased in the second half of 2015, with 27 bankruptcies in the September quarter and 32 in the December quarter.
The financial struggles were also felt across the Darling Downs' eastern region, with 15 bankruptcies that quarter compared to 21 from June - September. Another 21 Darling Downs businesses were declared bankrupt in the first half of last year.
The March 2016 quarter statistics will be released on April 27. However this year is not expected to be any easier for businesses in Toowoomba.
Specialist accountants and advisors SV Partners' March 2016 Commercial Risk Outlook Report found more than 280 of Toowoomba's businesses, which represents more than two per cent of all operating businesses in the region, face a high risk of financial failure within the next 12 months.