The businesses hardest hit by liquidations

Statistics South Africa has published its latest report on liquidations and insolvencies, showing how South African businesses fared in 2021.

Liquidation refers to the winding-up of the affairs of a company or close corporation when liabilities exceed assets and it can be resolved by voluntary action or by an order of the court.

According to Business Tech, the data shows the following:

  • From January to December 2021, there were a total of 1 932 reported liquidations in South Africa
  • Total liquidations decreased by 29.2% in the fourth quarter of 2021 compared with the fourth quarter of 2020
  • There were a total of 2 035 liquidations in 2020
  • There was a year-on-year decrease of 20.3% in December 2021
  • Financing, insurance, real estate, business services suffered 625 liquidations
  • Trade, catering and accommodation suffered 414 liquidations
  • Community services suffered 157 liquidations
  • Gauteng and KwaZulu-Natal lost a combined 323 000 jobs during Q3 2021
  • A total loss of 660 000 employment opportunities occurred in the third quarter of 2021
  • South Africa lost 2.24 million jobs during 2020 Q2
  • South Africa lost a net 742 000 jobs during the first three quarters of 2021

 

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