An iconic politician is auctioning off her silver tea set and other items to pay off a debt she owes to a school. A bus company faces liquidation if it does not repay a multi-million loan to its bank. A small business owner receives a red final notice for an overdue account from a debt collection agency – with grave warnings about loss of directorship under the companies act and sequestration.
A sign of the times. Consumers and businesses are finding it hard to pay back their debts as tough economic times continue without any end in sight.
The statistical release of February 2013, “Statistics of liquidations and insolvencies”, makes for concerning reading. A total of 271 liquidations were recorded in February 2013, showing a year-on-year increase of 35,5%. Continue reading “Don’t let this happen to your small business”
