South Africa’s total number of liquidations decreased by almost 20% in May 2023 compared with May 2022.
Stats SA reported today that South Africa saw a total of 151 liquidation cases in May 2023 – a 19.7% decrease from the previous year.
While this is an increase from April’s liquidation data, the total number of liquidation cases seen in the first five months of 2023 decreased by 14.5% compared with the first five months of 2022.
Aside from unclassified industries, the most liquidation cases in May were seen in the trade, catering and accommodation industries.
Normally, the financing, insurance, real estate, and business services industry see the most liquidation cases.
In May, the agriculture, hunting, forestry and fishing industry and the electricity, gas and water industry were the least affected, with no liquidations recorded.
Most of the liquidations recorded in May were voluntary liquidations of companies, of which there were 78 cases.
Liquidations of close corporations decreased by 53 cases in May, while liquidations of companies increased by 16 cases during this period.
|Industry||May 2022 Liquidations||May 2023 Liquidations|
|Agriculture, hunting, forestry and fishing||5||0|
|Mining and quarrying||1||2|
|Electricity, gas and water||0||0|
|Trade, catering and accommodation||40||36|
|Transport, storage, communication||1||1|
|Financing, insurance, real estate, business services||53||33|
|Community, social, personal services||10||12|