Insolvencies Halved Since Last Year

The number of insolvencies during this financial year so far is half that of the last financial year, according to statistics provided by the master of the High Court at the national consultative workshop on the insolvency bill being held at Swakopmund, The Namibian reported. Last year, 32 insolvencies were registered, which included 12 companies and 15 close corporations being liquidated, and five people being sequestrated. Figures for this year (until 8 November) show that so far, 17 insolvencies were registered, of which six companies and seven close corporations were liquidated, and four people. The insolvencies were either by court orders, or voluntary winding up by either the members or creditors, and the figures include finalised or non-finalised insolvency processes. In his keynote address at the workshop, justice minister Sacky Shanghala said the consequences of the existing legislative framework under the Insolvency Act are fatal because once a person is declared insolvent, enjoying other rights becomes problematic. Read more