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SA's indebted hard hit by insolvencies

Nov 22 2010 15:23 I-Net Bridge

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Johannesburg - The total number of liquidations recorded for October 2010 increased by 36.9% year-on-year (y/y) to 393 from 287, Statistics South Africa data showed on Monday.

It had increased 2.1% y/y in September.

The total number of liquidations recorded for the first 10 months of 2010 went up by 1.8% to 3 323, from 3 264 compared with the first 10 months of 2009.

They slipped by 1.6% to 2 930 from 2 977 in the first nine months of 2010, compared with the first nine months of 2009.

The 1.8% rise in the total number of liquidations for the first 10 months of 2010 was due to an increase of 3.7% in voluntary liquidations, which went up from 2 982 to 3 093.

During this period company liquidations increased by 4.7% from 1 498 to 1 568, while close corporation liquidations fell 0.6% from 1 766 to 1 755.

The highest number of liquidations during the first 10 months of 2010 was related to businesses in the financing, insurance, real estate and business services industry, with 1 527 cases or 46.0% of liquidations.

The wholesale and retail trade, catering and accommodation industry recorded 968 cases or 29.1% of liquidations.

The total number of insolvencies dropped 27.6% in September, from a decrease of 47.2% y/y in August.
 
Stats SA also reported that the total number of insolvencies for the first nine months of 2010 fell by 32.8% to 2 892, from 4 305 compared with the same period in 2009.

stats sa  |  liquidations
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