Going for broke - courts can't keep up with company failures

The law can't cope with the number of companies going broke.

It's becoming a world wide picture.

NBR reports Auckland’s High Court has had to schedule extra sessions to cope with the increasing number of companies going under.

The number of businesses being placed into liquidation is rising dramatically as the recession bites: last week in Auckland alone, more than 100 companies were called in court proceedings to be closed or placed into liquidation.

In the UK, a company which broadcasts English Premier League football under the name GTV to tens of thousands of subscribers across Africa has gone into liquidation.

In Minnesota today, the newspaper, the Star Tribune's move to file for Chapter 11 bankruptcy puts 1,400 local workers' jobs in limbo.

Shock forecast from Toyota

A grim forecast from Toyota that it will lose money this fiscal year on its vehicle business for the first time in seven decades is the latest sign of the global auto industry’s sharp slowdown after years of rising profits and rapid expansion.

Meanwhile if you have lots of cars - we have a big carpark for you - hey we will throw in a lovely garden and wait there’s more - a massive big floor. we may be a bigtime lawyers building but we need you to rent.