Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

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.

ENDS....

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Ground Rules: Government Moves To Protect Best Growing Land

“Continuing to grow food in the volumes and quality we have come to expect depends on the availability of land and the quality of the soil. Once productive land is built on, we can’t use it for food production, which is why we need to act now.” More>>

ALSO:

Royal Society: Calls For Overhaul Of Gene-Technology Regulations

An expert panel considering the implications of new technologies that allow much more controlled and precise ‘editing’ of genes, has concluded it’s time for an overhaul of the regulations and that there’s an urgent need for wide discussion and debate about gene editing... More>>

ALSO:

Retail: Card Spending Dips In July

Seasonally-adjusted electronic card spending dipped in July by 0.1 percent after being flat in June, according to Stats NZ. Economists had expected a 0.5 percent lift, according to the median in a Bloomberg poll. More>>

ALSO:

Product Stewardship: Govt Takes More Action To Reduce Waste

The Government is proposing a new way to deal with environmentally harmful products before they become waste, including plastic packing and bottles, as part of a wider plan to reduce the amount of rubbish ending up in landfills. More>>

ALSO:

Earnings Update: Fonterra Sees Up To $675m Loss On Writedowns

“While the Co-op’s FY19 underlying earnings range is within the current guidance of 10-15 cents per share, when you take into consideration these likely write-downs, we expect to make a reported loss of $590-675 million this year, which is a 37 to 42 cent loss per share." More>>

ALSO: