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Company liquidations have risen 26 percent year on year, according to latest data unveiled by credit reporting service Centrix last month.
More companies were finding themselves struggling to stay afloat due to intensified efforts by authorities to recover taxes after the relaxed policies implemented during the Covid-19 pandemic, Centrix said.
Hospitality businesses have been hit particularly hard, with established Auckland restaurants Imperial Palace, Dragonboat and Sun World Seafood all placed into liquidation between June and the end of August.
In the event of insolvency, stakeholders are notified by a liquidator that a company is under liquidation, with any creditors asked to confirm any outstanding…