Insolvency Statistics – March 2015
Dairy prices are in the headlines again. Despite numerous prices increases at a number of consecutive auctions, the price at the last auction dropped dramatically. It has the media asking if the 1080 threat has had an effect. Meanwhile, Cyclone Pam caused dramatic damage and loss of life in the pacific. No doubt trade will be affected in the short to medium term with the only semi-positive news being that it brought some much needed rain to some dry farms.
In Europe, the banks started to print more money. It will be some time before this phase of quantitative easing will have any effect. In the meantime, the currency markets suffered from the removal of the Swiss Franc / Euro support. Many currency traders around the world have suffered the pinch with some declaring themselves insolvent.
Our building industry is still going strong, which has had many critics questioning how so many building firms can still be becoming insolvent. The reasons for each company failure are usually unique but it could be said that many are still feeling the effects of the GFC. The relatively anemic growth in building consents in Auckland is another factor.
NZ retailers must be happy with the announcement that online purchases will now attract GST. It is seen by many as a way to “level the playing field” and ensure that retailers here remain competitive. The general public may not see it that way. It has also long been suggested that online traders overseas are so much cheaper that local retailers in some sectors that online sales wont be dramatically effected by adding GST.
The NZ Dollar has taken a drop against most currencies. That’s not great news for importers but quite good news for anybody traveling overseas. Rates as of yesterday were at GBP2.00 or EUR1.40 with the US Dollar at 1.35. Perhaps its time to take a quick holiday?
In the property market, it seems it pays to shop around. At least where a mortgage is concerned. The banks are offering some great rates at the moment for those looking to move or simply remortgage.
In tech news: The Apple Watch is here! A damp squid perhaps?
December, January & February Comparison of
Insolvency Appointments 2011, 2012, 2013, 2014 & 2015
What the figures are showing?
- There were 181 insolvency appointments in February 2015 which is higher than February 2014. There were 9 receivership appointments, 172 liquidations recorded and no administrations.
- The total number of insolvency appointments for the year to date were 335 compared to 286 for 2014 and 411 for 2013.
- Applications made to the High Court to liquidate companies totaled 147 for February 2015, 100 of which were made by the IRD. This was the largest number of applications made in February of any years since 2011 when 164 applications were made.
Year to Date Comparison of Insolvency Appointments 2011 to 2015