Company liquidations in New Zealand have already surpassed last year’s total for the same period, with 1,974 firms wound up so far amid tightening economic conditions and low consumer confidence.
McGrathNicol partner and RITANZ chair Kare Johnstone told legacy media (paywalled) insolvencies are now around 40 percent higher than pre-pandemic levels, driven by Inland Revenue’s tougher debt enforcement and lingering fallout from Covid-era support.
While the figures remain below the peaks of the Global Financial Crisis, Johnstone expects further increases through 2025, echoing trends in Australia, the UK, and US.
Receiverships have also risen since the ‘pandemic’, though some businesses remain viable. Despite the challenges, she noted opportunities for stronger firms to acquire assets, hire displaced workers, and expand as weaker competitors fold.
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RITANZ
Restructuring Insolvency and Turnaround Association New Zealand Inc.
RITANZ reigning in the leveraging of takeovers and aggressive buyouts.
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https://www.ritanz.org.nz
Instrumental in the liquidation of a multitude of honestly run businesses, undermining them via backdoor sabotage, faux union duress and theft to collapse an entire nation’s wealth and prosperity, which used to be second to none.