Corporate insolvencies in New Zealand have soared by over 40 per cent during the last seven months, it has been reported.
According to the New Zealand Herald, close to 3,300 firms have fallen into liquidation while more than 215 have gone into receivership, compared to 2,344 and 80, respectively, in the corresponding period the previous year.
The figure could potentially be lowered if more firms were to employ the services of secure online Ansarada data rooms, which allow for the speedy sale of assets from businesses looking to repay creditors.
Damien Grant, a liquidator for Waterstone Insolvency told the newspaper that instances of creditors applying to courts for debtors to be liquidated has risen significantly.
He added that many of the insolvencies had been instigated by New Zealand's tax department.
Elsewhere, Australian windows and doors suppliers McEwans recently fell into the hands of liquidators owning employees and creditors AUD$1.7 million, the Sunshine Coast Daily reported.
