Insolvency Statistics – November 2014
It’s been a bit of an “up and down” month with global stock markets fluctuating amid both the Ebola scare and further terror threats from ISIS.
As far as the NZ Economy is concerned, commodity prices dropped for the eighth month in a row with dairy being the only positive sign. The silver lining for our dairy farmers was that the seemingly never ending fall in dairy price appears to have stopped. Farmers will be hoping that prices will now start to rise. Indeed, the latest global dairy dairy auction showed a modest increase in prices.
Meanwhile, the US economy continues to gather momentum. Optimism is high and that is clearly reflected in the growing strength of the US dollar with the Kiwi dollar falling below 77 cents. With the Republicans taking control of the senate, confidence increased in the economic growth. President Obama even took the blame and acknowledged that the people want to see an end to the infighting and see the capital “work”. Having the Republicans controlling matters may help.
House prices in Auckland are still going up and changes to the Reserve Banks LVR policy have been signaled. Wheeler has suggested that the LVR policy is with 50 basis points which could indicate future interest rate increases should the LVR policy be removed all together.
In the UK, the Bank of England has kept interest rates on hold despite a strong and growing economy. Rates remain at a record low of 0.5% in the run up to the next General Election. Although, it appears the Conservatives may steal another victory with further back-biting among the Labour ranks.
On the technology side, Microsoft have finally started giving away its Office product for free … but only if you are an iPhone or iPad user.
August, September & October Comparison of
Insolvency Appointments 2011, 2012, 2013 & 2014
What the figures are showing?
- There were 238 insolvency appointments in October 2014 which is a decrease of 12% on October 2013. There were 7 receivership appointments, 231 liquidations recorded and no administrations.
- Year to date insolvency appointments for 2014 were 2,095. This is still down on previous years. Liquidations accounted for 1,974 of those appointments.
- Applications made to the High Court to liquidate companies totalled 134 for October 2014. Applications made between January and October 2014 totalled 1,112 of which 791 were made by the IRD.
Year to Date Comparison of Insolvency Appointments 2011 to 2014