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Bankruptcies rise to record high in last week

Posted in News March 23, 2009 - 11:10am, Alex Tarrant

New Zealand bankruptcies, weeklyThe amount of bankruptcies, liquidations and no-asset procedures in the last week was 158, a record high since December 2007, when no-asset procedures numbers began to be included in overall bankruptcy statistics, figures from the Insolvency and Trustee Service (Ministry of Economic Development) show.

The overall figure was made up of 90 reported bankruptcies, six liquidations and 62 no-asset procedures. The bankruptcy figure on its own was a record high since December 2007, when interest.co.nz's records began.

We have requested the previous record high in weekly bankruptcies prior to December 2007 and will update following a response.

We welcome your help to improve our coverage of this issue. Any examples or experiences to relate? Any links to other news, data or research to shed more light on this? Any insight or views on what might happen next or what should happen next? Any errors to correct?

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by Walter K. | 23 Mar 09, 10:37pm

Thanks Alex ! It is

Thanks Alex !
It is a scary development and one can only hope the backbone of our economy, the high number of small and medium size businesses in NZ stay positive and are flexible and innovative enough to weather the upcoming storm.
Working together within the communities will be the key.

by Andrew | 23 Mar 09, 11:29pm

You have to be very

You have to be very gifted financially to go bankrupt in a crazed boom.

And when you have records that begin way way back in 2007 then just how hard are they to beat?

This is not to say there is not some terrible crisis but what is the context of the bankruptices?? I suppose i could do my own research and find out myself:-(