Australia's biggest 2023 business busts revealed

Australia's Security Investment Commission (ASIC) revealed construction insolvencies made up 28 per cent of all liquidator's reports from July 1 2022 to June 30 2023, followed by accommodation and food services.

The construction industry was rocked by the high profile collapses of Porter Davis Homes, Qattro and the Casa Building Group, leaving thousands of residential and commercial projects in the lurch.

It comes amid news medium size businesses were dominating Australian corporate insolvencies and liquidators' reports in the aftermath of the Covid-19 pandemic.

Lodged reports showed more than 80 per cent of businesses had $100,000 or less in assets and fewer than 20 employees.

Inadequate cash flow, trading losses and impacts for the COVID-19 pandemic were among the most common reasons businesses had failed.

NSW made up 41 per cent of all liquidator's reports, followed by Victoria and Queensland.

Take a look back at some of the biggest business collapses of 2023.

One of Australia's biggest builders shocked families across the country when it collapsed in May, leaving 1700 Victorian and Queensland homes unfinished.

Grant Thornton Partners was appointed liquidators of the Porter Davis Group, spanning 14 companies.

"Notwithstanding the financial support from shareholders and lenders, the group has exhausted options to secure the further funding required to allow Porter Davis to continue to operate viably," Grant Thornton said in a May 2023 statement.

"The directors were left with no option but to place the companies into liquidation."

Other companies have since stepped in to cover many of the builds.

Iconic Aussie dessert brand Sara Lee entered voluntary administration in late 2023.

In October, company appointed FTI Consulting to decide on whether to sell or restructure the business, known for its popular frozen desserts.

It's understood around 200 staff are still employed at the business' NSW factory.

Online alcohol retailer Boozebud shocked customers when it abruptly shut up shop in May.

The company announced to customers it was no longer taking online orders and liquidators Michael Brereton and Sean Wengel had been appointed to undertake an urgent assessment of the company finances.

But the company was offered a last minute reprieve after being bought by competitor and fellow online retailers, the Hairydog group.

"Through this acquisition, we're not just expanding our business footprint, we're strategically aligning the strengths of BoozeBud's advanced e-commerce capabilities with Hairydog's proven retail expertise," Hairydog e-commerce head Ryan Agar said in a statement.

More than 200 South Australian homes were left in limbo after the collapse of construction company Qattro Built.

The company owed unsecured creditors more than $4.5 million and more than 200 projects were outstanding when the company ceased operating.

"Qattro Built has faced increasingly challenging operating conditions that have affected the entire industry and we have significant experience in supporting construction businesses in similar circumstances," liquidator Duncan Powell said in a statement.

Well-known Australian brand Jenny Craig shocked customers around the world when it wound down its Australian and New Zealand arms.

The company, founded in Melbourne, ceased local operators in June after it was unable to find a buyer.

Its online business was sold to health startup Eucalyptus, and its intellectual property was sold to American-based Wellful Inc which relaunched the brand as an e-commerce store in late 2023.

Multi-million dollar firm PBS Buildings mysteriously shut up websites 24 hours before announcing its collapse.

More than 180 staff were left without a job after the company, which worked across ACT, Queensland and NSW, ceased operations in March.

RSM Partners' Jonathan Colbran, Richard Stone and Mitchell Herrett were appointed as joint administrators, and the future of more than 80 projects was left up in the air.

Beloved Victorian chocolate-maker Ernest Hillier blamed rising cost pressures before the company was placed into voluntary administration.

The company was later rescued by the Yowie Group, which bought out a business owned plant, equipment and intellectual property for $375,000.

Its namesake initially set up the business in England in 1914 before moving to Australia, growing to supply massive customers like retail chains Woolworths, Coles and Aldi.

A popular Australian milk brand entered voluntary administration in June.

Made By Cow operators announced it would be "closing its doors" after seven years, with KordaMentha appointed as administrators.

Owners blamed the collapse on high inflation and growing cost pressures.