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Call To Back Kiwi As Insolvencies Soar
New Zealand businesses are facing unprecedented challenges, with data indicating a concerning number of companies entering liquidation in April.
According to Centrix the number of business liquidations in New Zealand are up 19% year-on-year, with 193 business liquidations across the country recorded in April 2024.
There were 203 company insolvencies recorded in April 2024, up significantly from the 156 recorded during the same period last year. The manufacturing sector saw the highest monthly liquidation total in five years.
Buy NZ Made Executive Director Dane Ambler says the rise in insolvencies raises concerns about the health of the New Zealand business landscape.
"This surge reflects the ongoing economic strain caused by a recession and rising inflation. The closure of companies leads to job losses, reduced investment, and a weakened overall economy.
"Don't wait for your local to shut up shop. Its crucial that consumers and the government support local businesses by choosing to buy NZ made goods and use Kiwi-owned services to help stimulate economic growth."
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