The trend is forecast to continue, particularly until the end of September when the JobKeeper wage subsidy is wound back.

Shaw Gidley Port Macquarie partner Ben Ismay said there were predictions about the economy falling off a cliff at the end of September before the federal government's JobKeeper extension announcement.

"Hopefully now that won't occur with the introduction of the second phase of JobKeeper but only time will tell on that front," he said.

So-called zombie businesses, debt-ridden and propped up by coronavirus relief measures, are expected to collapse down the track.

Mr Ismay cited the JobKeeper wage subsidy as a factor behind the fewer insolvencies, coupled with a government moratorium on insolvency trading breaches by directors.

The coronavirus pandemic comes as a second blow to many tourism and hospitality businesses in the Hastings also financially impacted by bushfires.

"JobKeeper really allowed those businesses to go into hibernation, and hopefully we're not heading into a second wave, and they will start to flourish again," Mr Ismay said.

"From an insolvency perspective, our figures locally have mirrored that of the national numbers as far as a reduction in [insolvency] appointments."

An insolvent company is unable to pay its debts when due.

The three most common corporate insolvency procedures are voluntary administration, liquidation and receivership, according to the Australian Securities and Investments Commission.

Businesses in financial stress should seek advice sooner rather than later, Mr Ismay said.

He said that would provide more options.

"The traditional piece of advice is to seek advice from a suitably qualified person earlier rather than later," Mr Ismay said.

"It's an old adage but it applies particularly in this time, whereby the earlier you approach somebody for advice, the greater the level of options you will have in the long run."

Mr Ismay also encourages small businesses, in particular, to take advantage of government stimulus packages and cash flow offers.

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