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BusinessLive reports that according to Statistics SA data released on Monday, business liquidations and insolvencies continued to rise, underscoring an economy that is struggling to grow and facing business confidence at record lows.
The total number of company liquidations grew 13.5% year-on-year in August, while the total for the months of January to August grew 13.6%. Total liquidations for the year to end-August amounted to 1,374. This was driven by the finance, insurance, real estate and business services sector, which saw 451 liquidations. This was followed by liquidations of firms not classified into a sector, with 347 liquidations, and liquidations in the trade catering and accommodation sector of 322. The majority, about 88%, were voluntary liquidations. The rise came against a backdrop of difficult trading conditions reported by numerous companies, in an economy that has only managed to grow 0.9% on an annual basis.
- Read the full original of the report in the above regard by Lynley Donnelly at BusinessLive
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