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Insolvency Statistics For Year Ended 30 June 2000

MEDIACOM-RELEASE-INSOLVENT

INSOLVENCY STATISTICS FOR YEAR ENDED 30 JUNE 2000

Statistics released by the New Zealand Insolvency and Trustee Service today show a 18% decrease in the number of bankruptcies for the year ended 30 June 2000, and a 18% decrease in court ordered company liquidations as compared with the same figures recorded for the year ended 30 June 1999.

There were 2,700 people adjudicated bankrupt in the year ended 30 June 2000, as against 3,297 in the year ended 30 June 1999.

The majority of bankruptcies are being instigated by the debtor rather than the creditor. For the twelve month period ended 30 June 2000, 62% of bankruptcies resulted from debtor's petitions, which is the same proportion for the 1999 year.

Consumer bankrupts represent the majority of bankrupts, being 66% of all bankrupts in the year ended 30 June 2000. This is an increase from 1999 in which 59% of all bankruptcies were consumer related.

The corporate sector has recorded a decrease of 18% in court ordered company liquidations and an increase of 7% in receiverships. There were 810 court ordered liquidations and 235 receiverships for the year ended 30 June 2000. The comparable figures for 1999 were 987 liquidations and 219 receiverships.

The Companies Office recorded a 25% increase in new company registrations for the year. There were 33,234 new company registrations for the year compared with 26,502 in 1999.

The number of companies on the register continue to rise, with a total of 230,359 companies as at 30 June 2000, compared with 217,000 companies as at 30 June 1999, representing a 6% increase.

ENDS

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