As economic pressures continue to bear down on businesses, liquidations are reaching significant levels.
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In a recent interview, PJ Veldhuizen, managing director of specialist commercial law firm Gillan & Veldhuizen Inc, highlighted that liquidations remain prevalent in the post-Covid landscape. “In January 2024 alone, there was a 34.6% increase in business liquidations compared to the previous year, with the financing, insurance and real estate sectors hit the hardest.”
The liquidation process
Depending on the severity of the liquidity problem, the business may consider various legal options but liquidation is more often than not the next step. There are two types of liquidation:
Voluntary liquidation: This is a process…
