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The company default landscape in New Zealand has experienced a significant shift, with March 2024 witnessing a 6-year high regarding the number of company insolvencies. According to recent data from the Companies Office, this surge underscores the increasing financial distress among businesses and individuals alike.

So, what does this mean for you?

Credit assessment and opening new accounts or increasing existing client credit levels require further scrutiny!

Be vigilant in keeping to your processes when accounts become overdue and implement appropriate collection activities.

Consider seeking additional security, or at minimum, ensure you register your security interests (over goods provided) on the PPSR.

As companies and individuals grapple with these financial challenges, the role of effective debt collection becomes paramount. At NCI, we understand the critical importance of managing and recovering debts efficiently. Our specialised services are designed to alleviate the burden of unpaid debts, allowing businesses to maintain cash flow and focus on their core operations. Being a third party, we can undertake the collection actions, while you seek to keep an ongoing commercial relationship with the client (if you want to!) into the future.

With the EOFY fast approaching, now is the perfect time to address any outstanding overdue debts. Our expertise in debt recovery can help you minimise losses and reduce bad debt provisions for 30 June reporting.

Kind regards,
Zara