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Voluntary Liquidations Rise in August| News by Staff Reporter
More companies were seen to close down in August 2011 compared to last year
The number of liquidations in August 2011 increased by 24,3% compared to August 2010 due to an increase in the number of voluntary liquidations.
This is according to Stats SA, who on Monday said the number of liquidations for August 2011 increased by 24,3% (from 243 to 302) year-on-year.
“The year-on-year increase in the number of liquidations for August 2011 was due to increases in the number of voluntary liquidations,” said Stats SA.
There were 67 more voluntary liquidations recorded during this period.
“The biggest increase in the number of voluntary liquidations during this period was recorded in the financing, insurance, real estate and business services industry (52 more liquidations), followed by the community, social and personal services industry (24 more liquidations).”
For the three months ended August 2011, however, a decrease of 22% (from 903 to 709) was recorded in the number of liquidations year-on-year, while in the first eight months of the year liquidations dropped 17% (from 2,589 to 2,145) compared to the same period in 2010.
The statistics firm added that the total number of insolvencies dropped in July 2011.
“A year-on-year decrease of 32,5% (from 345 to 233) was estimated for July 2011,” said Stats SA, while the “total number of insolvencies for the three months ended July 2011 decreased by 34,1% (from 1 093 to 720) compared with the three months ended July 2010.”