Feeling pinch means biting dust

The total number of liquidations recorded for last month increased by 21,7percent, from 286 to 348, from October last year, Statistics South Africa said yesterday.

The total number of liquidations recorded for last month increased by 21,7percent, from 286 to 348, from October last year, Statistics South Africa said yesterday.

The total number of liquidations recorded for the 10 months ended October decreased by 1,4percent - from 2751 to 2713 - when compared with the same period last year.

The 21,7percent increase in the total number of liquidations for October 2008 was because of increases of 23,1percent in compulsory liquidations. They rose from 39 to 48. There was a rise of 21,5percent in voluntary liquidations, from 247 to 300.

When comparing October 2007 and October 2008, there were 64,9percent more close corporations liquidated, with company liquidations decreasing by 5,7percent, the Pretoria agency said.

The total number of insolvencies recorded for September 2008 increased by 43,1percent, from 197 to 282, when compared with September 2007.

The total number of insolvencies recorded for the nine months ended September 2008 increased by 62 percent, from 1477 to 2393, compared with the nine months ended September 2007. - Sapa

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