Stats SA has published the latest liquidation data for South Africa, showing that company liquidations shot up over 30% in December 2022 year on year – although overall closures for the full year were slightly lower than the year before.
The community, social, and personal services industries were also hit hard by liquidations – but a large portion of companies that shut down were also unclassified. “Insolvency and business rescue practitioners will be kept busy as financial distress continues to have an impact on companies not being able to generate sustainable revenue in continued challenging trading conditions,” Levenstein said.
With small businesses, these pressures are exponentially worse, where often the only option is to trade or liquidate.
MYANC well done! What an achievement - your inaction and putting party before the people has caused devastation in South Africa. But well done! Enjoy the food and partying at your conferences whilst South Africans go hungry. A year of decisive action - decisively destroying SA.
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