South Africa: close corporation liquidations 2020-2023

The number of monthly voluntary close corporation liquidations in August 2023 increased to 69 liquidations from 56bliquidations in August 2022. The number of liquidations in 2022 varied throughout the year but peaked and remained unchanged at 95 liquidations during May and June . The difference in the amount of voluntary liquidations and the number of monthly compulsory close corporation liquidations is quite substantial. In 2020, a total of 765 voluntary liquidations was recorded and in 2021 this amount increased by approximately 6%, which resulted in a total of 810 liquidations. In 2022, the number of liquidations decreased by roughly 10% resulting in 725 liquidations.

Number of monthly voluntary close corporation liquidations in South Africa from 2020-2023

Characteristic	2020	2021	2022	2023
December	51	46	54	-
November	87	44	56	-
October	81	72	62	-
September	86	67	61	-
August	89	77	56	69
July	73	65	65	62
June	53	60	61	54
May	77	82	95	56
April	0	73	70	45
March	56	95	61	73
February	72	78	59	57
January	40	51	25	35

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Release date

September 2023

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Region

South Africa

Survey time period

January 2020 to August 2023

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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