Australian businesses have been warned to monitor their tax debts or risk administration.
As reported by the national business website, Money Management, a representative from Hall Chadwick accountants, Richard Albarran, believes that many firms in the country are currently in danger.
Because of this, more businesses could turn to services such as secure virtual data rooms, which allow for the swift sale of company assets in an online environment.
Mr Albarran told Money Management: "Companies across Australia are trading near the edge and many are running up high debts in unpaid taxes."
He added that the country's tax commissioner can make company directors responsible for debts, meaning it is "crucial" that they kept an eye on finances.
"Once a [payment] notice has been issued, there is usually little choice for a company but to go into voluntary administration."
The number of court-ordered business liquidations rocketed by 25 per cent in the final quarter of last year, the Australian Associated Press recently reported.
