Hospitality liquidations surge by nearly 50 percent over the last 12 months | Stuff.co.nz

New figures show a surge in company liquidations, with hospitality one of the hardest hit sectors, while the number of people with a seven-figure mortgage balloons. The number of Kiwis failing to pay their debts and bills on time is trending down, but there are still almost 100,000 New Zealanders who are more than 90 days in arrears. Despite affordability pressures, the report found more people are taking on larger mortgages to get on the property ladder. It says more than 134,000 borrowers have mortgages over 1 million - that's up 15% in a year. Business credit defaults are trending downward – falling 14 percent, but company liquidations rose 17 percent. And one of the worst hit sectors was hospitality - with 414 liquidations recorded - that's up nearly 50%. Molly Swift has all of the details. ----------------------------------------------------------------------------------------------------- Stuff NZ is New Zealand’s essential news source — bringing you live, lively and trustworthy journalism from every corner of Aotearoa. Stay informed with breaking news, in-depth stories, and the latest updates that matter to Kiwis. We upload daily, keeping you connected with the people, places and issues shaping New Zealand today. ----------------------------------------------------------------------------------------------------- Social media channels: TikTok: https://www.tiktok.com/@nzstuff Instagram: https://www.instagram.com/nzstuff