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04 Nov 2008Finance: Liquidation and Insolvency Statistics
Recent Gauteng Business News
Stats SA has delayed the release of liquidation and insolvency statistics for September 2008 until 4 November – should we be reading anything into the delay
Official August 2008 company closures of 285 or a 26.4% year-on-year fall, was in our opinion confounding. However, the problem may still be related to the civil sector strike in June 2007, causing figures in the next three months to be inflated. The reported figure for September 2007 was 113% higher than a year earlier.
Our clients advise us monthly of any contractual payments that buyers have not made and in the first ten months of 2008, the incidence of advised payments overdue was 25.2% higher, involving sums of money 51% above 2007 levels. Similarly, our actual claims experience shows a 21.1% increase in claims processed and paid over the same period, with values 27.9% up on those of January-October 2007.
As sales volumes begin to crimp and interest rates remain at current inflated levels, there can be no doubt that debt servicing is going to place increasing strain on many of Gauteng businesses. We still expect that the worst of business-to-business payment defaults, and ultimately of firms closing their doors, lies ahead.
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