Liquidations Down, Bankruptcies Up
Statistics released by the New Zealand Insolvency and Trustee Service today show an 8% decrease in Company liquidations for the 12 months ended 30 June 1999. There were 987 liquidations, down from the 1078 liquidations recorded in 1997/98.
All regions recorded a decrease in the number of liquidations for 1998/99. Napier showed the greatest decline.*
There were 26,502 new company incorporations this year representing an increase of 10% over the previous year. Total companies on the register has increased over the previous year with a total of 217,000 on the register as at 30 June 1999 compared with 202,317 at 30 June 1998.
The number of receiverships has decreased from the year ended 30 June 1998, down 21%, from 276 in 1997/98 to 219 in 1998/99. There was an 11% increase from the 2974 bankruptcies recorded in 1997/98. For the 12 months ended 30 June 1999, there were 3297 new bankruptcies
62% of bankruptcies resulted from Debtor's petitions. This compared with 63% for the previous year and 62% for 1996/97. Consumer bankrupts represent the majority of bankrupts again this year, totalling 59%. This is a decrease from the result in 1997/98 in which 62% of bankruptcies were consumer related.