October’s insolvency statistics tell a scary tale
What happens in the UK is often a precursor for SA. With record-high insolvencies in Oct, top SA bankers and restructuring experts are now also predicting a deluge of insolvencies come April/ May 2024. Businesses have been battered from all sides for 3.5 years now. Costs have increased, demands for wages are incoming and people are spending less to save so they can cover the basics. If the Christmas trading period doesn’t bring a wave of new income, we could see insolvencies rise in the new year as more and more directors run out of options.