We Kiwis like to think of ourselves as a hardy bunch. We rebuild after quakes, improvise when the supply chain falls over, and some us can even turn a shed, a spanner, and a YouTube tutorial into a functioning business operation. But even the most resilient Kiwi business can’t run on fumes forever. And right now, across the country, the fuel gauges are telling us something important.

The latest insolvency and liquidation numbers paint a sobering picture. New data from the Ministry of Business, Innovation and Employment has confirmed that 2025 recorded the highest number of liquidations in 15 years and the largest number of company removals in nearly a decade.

In the year to December 31, 2025, there were 2867 reported company liquidations in New Zealand, the highest since 2010, in which 3024 liquidations were reported. It represents the fourth-highest year for liquidations over the last 25 years according to MBIE’s records, only behind 2008, 2009 and 2010 after the global financial crisis.

So while we aren’t yet hitting the extreme peaks of the GFC, we’re certainly idling in the same neighbourhood. In fact, the rate at which businesses are running out of road has surged. That’s something that should prompt business owners to lift their head from the day-to-day grind and have a look at their own dashboard.

So, just how much gas do Kiwi businesses really have left in the tank? Some business operators I speak with are still fighting the good fight, but they’re doing it with a combination of grit, overdrafts, delayed tax payments, and a whole lot of sleepless nights.

Their resilience is extraordinary. But resilience is not a renewable resource. It needs replenishing through cash flow, confidence, and clarity. And right now, all three are under pressure.

Costs remain sticky, consumer spending isn’t looking good, and the economics of staffing are enough to make even seasoned owners consider a quiet cry in the stockroom.

What worries me is not just the businesses that are failing, but that it’s the ones that are still upright but running dangerously lean. They’re the ones stretching payments, negotiating with creditors, and crossing their fingers that next month will be easier. That’s not a business plan; that’s survival mode.

This is where early advice matters. Too many owners come to us only when the warning lights are no longer blinking but blazing bright red. By then, options narrow. Decisions become reactive instead of strategic. And what could have been a manageable pivot turns into a liquidation or insolvency process.

If ever there was a time for Kiwi businesses to pop the bonnet and actually check their financial oil levels, it’s now. Talk to your accountant. Talk to your lawyer. Talk to your lender. Ideally before they’re talking to you.

And here’s the good news: tough cycles eventually turn. Businesses that take honest stock now, make changes early, and seek help before crisis hits are far more likely to survive the current turbulence and be ready for the upswing.

Kiwi business owners still have gas in the tank, but it’s not full tank. If things are looking dicey in your business, don’t wait it for the engine to splutter before pulling into the service station.