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Johannesburg - Fewer companies have had to close down so far this year compared to 2009, Statistics SA said on Tuesday.
"The total number of liquidations for the first 11 months of 2010 decreased by 2.2% (from 3 751 to 3 667) compared with the first 11 months of 2009," Statistics SA said.
November 2010 liquidations were 29% lower than the same month last year. Statistics SA said liquidation took place when the affairs of a company or close corporation were wound up because the liabilities exceeded assets, and the matter was resolved either voluntarily or by a court order.
The decrease in the total number of liquidations for the 11 months was due to decreases of 15% in compulsory liquidations and 1.2% in voluntary liquidations.
Close corporation liquidations decreased by 8% while company liquidations increased by 5%.
Statistics SA said the highest numbers of liquidations during the first 11 months were related to businesses in the financing, insurance, real estate and business services industry - making up 44% of liquidations or 1 612 cases.
This was followed by the wholesale and retail trade, catering and accommodation industry with 1 046 cases or 28.5% of liquidations.
Statistics SA said the total number of insolvencies for the first ten months of 2010 decreased by 32% compared to the same period in 2009. Statistics SA said insolvency referred to an individual or partnership unable to pay its debt and placed under final sequestration.
"A year-on-year decrease of 21.3% (from 403 to 317) was recorded for October 2010."
"The total number of liquidations for the first 11 months of 2010 decreased by 2.2% (from 3 751 to 3 667) compared with the first 11 months of 2009," Statistics SA said.
November 2010 liquidations were 29% lower than the same month last year. Statistics SA said liquidation took place when the affairs of a company or close corporation were wound up because the liabilities exceeded assets, and the matter was resolved either voluntarily or by a court order.
The decrease in the total number of liquidations for the 11 months was due to decreases of 15% in compulsory liquidations and 1.2% in voluntary liquidations.
Close corporation liquidations decreased by 8% while company liquidations increased by 5%.
Statistics SA said the highest numbers of liquidations during the first 11 months were related to businesses in the financing, insurance, real estate and business services industry - making up 44% of liquidations or 1 612 cases.
This was followed by the wholesale and retail trade, catering and accommodation industry with 1 046 cases or 28.5% of liquidations.
Statistics SA said the total number of insolvencies for the first ten months of 2010 decreased by 32% compared to the same period in 2009. Statistics SA said insolvency referred to an individual or partnership unable to pay its debt and placed under final sequestration.
"A year-on-year decrease of 21.3% (from 403 to 317) was recorded for October 2010."
