With the liquidation of three Scarbro construction companies and EziBuy entering Voluntary Administration in the last week we have released our latest Market Insights.
CreditWorks data up to 28 February showing a continuing increase in 60-day overdue debts to 4.39% of total debt reported. While 90-day overdue debt decreased slightly it is still above 2% of total debt.
Read our latest Market Insights here.
Add to these recent insolvencies, the Reserve Bank of New Zealand has raised the Official Cash Rate by 50pts, with a further 25pts increase possible. The cost of funds is increasing for all New Zealand companies and consumers, and this is reflected in the increased risk of default. Our clients are actively reviewing their key exposures with refreshed reports or using or suite of data analytical tools to check the health of the ledger.
Please note that due to the vast amount of data required to produce these reports, most of which is accessed from a multitude of external sources, there is an inevitable time delay in their generation. However we prefer to defer their publication in favour of ensuring greater accuracy.