liquidations down 8%

2010-09-29 00:00

THE overall health of businesses and individuals remains in the balance, judging by the latest statistics on liquidations and insolvencies.

Although Statistics South Africa said this week that the total number of liquidations declined for the second consecutive month, the level remains high in historical terms.

The total number of liquidations recorded in August declined by eight percent to 243.

There was a two percent decrease in the total number of liquidations for the first eight months of 2010. Statistics SA said that this was due to a decrease of 38,8% in compulsory liquidations from 263 to 161.

“During this period, close corporation (CC) liquidations decreased by 5,7% from 1 443 to 1 361 while company liquidations increased by 2,3% from 1 200 to 1 228.

“The highest numbers of liquidations during the first eight months of 2010 were related to businesses in the financing, insurance, real estate and business services industry.”

The total number of insolvencies declined by an estimated 34,5% in July 2010.

Liquidation refers to the winding up of the affairs of a company or CC when liabilities exceed assets.

Insolvency refers to an individual or partnership which is unable to pay its debt and is placed under final sequestration.

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