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Fewer Companies Under Liquidation
| News by Staff ReporterThere were fewer liquidations during October 2011 compared to the previous year
The number of companies that closed down due to liquidation during October 2011 was 7,6% lower than the corresponding month in 2010, according to Stats SA.Stats SA on Monday said, “The number of liquidations for October 2011 decreased by 7,6% (from 393 to 363) compared with the same month in 2010.”
For the three months ended October 2011, however, an increase of 1,8% (from 977 to 995) year-on-year was recorded, added the statistics firm.
From January 2011 to October 2011 the total number of liquidations decreased by 14,6% (from 3,323 to 2,838) compared to the same period in 2010.
Liquidations occur when the affairs of a company or close corporation become wound up as its liabilities exceed its assets, resulting in the matter being resolved either voluntarily or by court order.
Insolvencies occur when an individual or partnership is no longer able to meet its debt obligations and is subsequently placed under final sequestration, according to Stats SA.
The firm said a decrease of 33,9% (from 369 to 244) was recorded in the number of insolvencies year-on-year in September 2011.
“The number of insolvencies for the third quarter of 2011 fell by 33,4% (from 1 098 to 731) compared with the third quarter of 2010,” Stats SA added.
Source: www.bizpremises.co.za
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