South Africa: close corporation liquidations 2022

In 2022, the highest amount of close corporation liquidations in South Africa was allocated to the financing, insurance, real estate, and business services industries. A total of 275 close corporations filed for liquidation, of which 245 were voluntary. The trade, catering, and accommodation industry followed with 203 liquidation reports, the majority being voluntary. The mining and quarrying sector recorded the least liquidations, reporting only a single voluntary case.

Number of close corporation liquidations in South Africa in 2022, by industry and type

Characteristic	Compulsory	Voluntary
Financing, insurance, real estate, business services	30	245
Trade, catering and accommodation	22	181
Unclassified	15	110
Community, social, personal services	8	72
Construction	6	57
Manufacturing	5	30
Transport, storage, communication	0	17
Agriculture, hunting, forestry and fishing	4	7
Electricity, gas and water	1	5
Mining and quarrying	0	1

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Release date

February 2023

More information

Region

South Africa

Survey time period

2022

Supplementary notes

Compulsory liquidation is a procedure where the assets of a company/close corporation are sold to pay off creditors. The residual assets will then be distributed between the shareholders and finally, the company will be closed.

Voluntary liquidation occurs when the shareholders of a company/close corporation decide to close the company on their own terms after passing a special resolution undertaking that the company/close corporation is to be liquidated.

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