Share

Fewer firms closing down

Johannesburg - Fewer companies closed down in September 2011 compared to the same month last year, Statistics SA said on Monday.

"The number of liquidations reflected a year-on-year decrease of 3.2% (from 341 to 330) in September 2011," the agency reported.

Stats SA said liquidations took place when the affairs of a company or close corporation were wound up because its liabilities exceeded its assets, and the matter was resolved either voluntarily or by a court order.

The number of liquidations for the first nine months of 2011 fell 15.5% year-on-year - from 2930 to 2475.

"This decline was due to a 16.2% drop in voluntary liquidations and a 5.5% drop in compulsory liquidations," Stats SA said.

Over this time, company liquidations declined 16.7% - from 1364 to 1136 - and close corporation liquidations were down 14.5% - from 1566 to 1339.

Insolvencies - where an individual or partnership is unable to pay debt and is placed under final sequestration - declined in August, Stats SA said.

Insolvency figures are issued a month later than liquidation figures.

"A year-on-year decrease of 27.8% (from 352 to 254) was estimated for August 2011," Stats SA said.

The total number of insolvencies for the first eight months of 2011 decreased by - 33.8% from 2642 to 1750 - compared with the first eight months of 2010.
We live in a world where facts and fiction get blurred
Who we choose to trust can have a profound impact on our lives. Join thousands of devoted South Africans who look to News24 to bring them news they can trust every day. As we celebrate 25 years, become a News24 subscriber as we strive to keep you informed, inspired and empowered.
Join News24 today
heading
description
username
Show Comments ()
Rand - Dollar
18.88
+0.3%
Rand - Pound
23.85
+0.2%
Rand - Euro
20.38
+0.2%
Rand - Aus dollar
12.32
+0.1%
Rand - Yen
0.12
+0.2%
Platinum
908.05
0.0%
Palladium
1,014.94
0.0%
Gold
2,232.75
-0.0%
Silver
24.95
-0.1%
Brent Crude
87.00
+1.8%
Top 40
68,346
0.0%
All Share
74,536
0.0%
Resource 10
57,251
0.0%
Industrial 25
103,936
0.0%
Financial 15
16,502
0.0%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders