Insolvency Statistics – April 2015
With Dairy prices at a low, it should have come as no great surprise that Fonterra reduced its forecasted dividend. Share prices have dropped and forecasters are suggesting, with production down, farmers will be looking to sell more shares which will reduce the price further.
In Europe, a number of currency traders collapsed when the Swiss government pulled support for its ailing Swiss Franc. The repercussions were felt all the way around the world with forex traders losing significant sums. Meanwhile, the Kiwi dollar has all but reached parity with the Aussie dollar and both have fluctuated against the US dollar. The Kiwi is still strong against the Euro but is likely to weaken in light of the poor results coming from one of our strongest trading partners, China.
In the building sector, consents have started to decline suggesting some slowing to progress. Perhaps the high price of houses is finally beginning to bite but only time will tell. It is interesting to note that a few more building firms have become insolvent over the last month.
NZ retailers must be happy to see, according to Statistics NZ, the card spending was up 3.7% in March compared to the previous year. Certain retail sectors seem to be doing well while others are still struggling. Lower fuel prices appear to have helped add some much needed spare cash into peoples pockets.
Finally, the revolution has at last hit New Zealand. Internet streaming services are nothing new but we now have a much greater choice. Spark and Sky are in on the act with their Lightbox and Neon services while Quickflix has been here for a while. Netflix, however, has finally come to NZ. Perhaps its time for Kiwis to stop those illegal downloads now? Certainly, the telcos and TV companies think so and we wait to see if Call Plus will agree to stop its “Global Mode” service.
January, February & March Comparison of
Insolvency Appointments 2011, 2012, 2013, 2014 & 2015
What the figures are showing?
- There were 235 insolvency appointments in March 2015 which is significantly higher than February 2015 but down on previous years. There were 10 receivership appointments, 225 liquidations recorded and no administrations.
- The total number of insolvency appointments for the year to date were 570 compared to 545 for 2014 and 675 for 2013.
- Applications made to the High Court to liquidate companies totaled 86 for March 2015, 49 of which were made by the IRD. This was the smallest number of applications made in March of any years since 2013 when only 66 applications were made.
Year to Date Comparison of Insolvency Appointments 2011 to 2015