Company closures down: Stats SA

NATIONAL NEWS - Far fewer companies closed down in February, compared to the same month the year before, Statistics SA said on Monday.

"A year-on-year decrease of 49.9 percent was recorded for February 2012," the agency reported.

This was due to a 54 percent decline in the number of voluntary liquidations.

Company liquidations decreased by 62 percent, while close corporation liquidations fell by 38 percent over this period.

Stats SA said liquidations took place when the affairs of a company or close corporation were wound up because its liabilities exceeded its assets, and the matter was resolved either voluntarily or by a court order.

Insolvencies - where an individual or partnership is unable to pay debt and is placed under final sequestration -- declined 6.5 percent in January, compared to the same month in 2011, Stats SA said.

Source : Sapa


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