Significantly more businesses went under last year compared to 2014, led by a rise in company failures from NSW.
With 9,573 businesses having gone into administration up to November last year, the numbers for 2015 have already eclipsed 2014's total of 8,794 companies slipping under, data from the Australian Securities and Investments Commission shows.
NSW secured the top spot amongst the states, jumping to 304 external administrations for the month, from 283 in October, insolvency specialists FTI Consulting analysis reveals.
By contrast, Victoria recorded a marked decrease, dropping from 340 appointments in October to 207 in November.
The yet to be released figures for last December will only push the full-year total further ahead of 2014's numbers, and the Christmas trading period is always crucial for retailers, FTI senior managing director Quentin Olde says.
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"(It's) often a make or break event for those dealing in slower moving big ticket items," he said.
"Managing inventory through this period is critical, and shoppers have perhaps never been more discerning and better informed."
And it's not just retailers facing challenges, with rising levels of business insolvencies in mining, mining services and agribusiness sectors, Mr Olde added.
Personal bankruptcies are also on the rise, lifting 1.5 per cent in last year's December quarter compared to the same period in 2014, according to figures from the Australian Financial Security Authority.
This is the third consecutive rise for personal insolvencies when compared to the same quarter in the previous year.
"Although these rises are relatively small, the last time three consecutive rises occurred was in 2009," AFSA said.
