Guiding consumers since 2009

Companies going bust getting better

By Staff Writer

One of the ways that you can keep track of the economy is the statistics service run by Statistics South Africa. The more real, verifiable, information that you have will allow you to make a better approximation of what will happen next. Anecdotes don't cut it as they may be isolated and spun out of proportion by your perceptual bias. We only tend to see the things we want to see. Statistics help us to make a more accurate assessment. Some of the latest stats show that:

 

  • Liquidations are down 17.5% year on year
  • Insolvencies down 37.1% year on year
  • GDP figures expected to be better

 

We have been in a recession. It may be getting better and we may already be out of the recession. The figures will tell us soon enough, but the figures for liquidations and insolvencies are starting to look better with fewer companies going to the wire. This is great news if you have been worried about your employment however we are not out of a bad economic climate yet. The sun may be peeking out from behind the clouds but there may still be storms on the way.

Many of the companies that were going under were too highly indebted and when the money came due they did not have the cash to pay the people they owed money to. The rate of compulsory liquidations has dropped by 29.2% in the last three months. Like a company you should also plan a budget and deal with your debt before it forces your hand. Get a professional debt management company to help you out and hopefully the New Year will bring back the good times.

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