Story: Business failures and corporate fraud

Share market crash

Share market crash

On 20 October 1987, which came to be known as ‘Black Tuesday’, the New Zealand share market fell precipitously. In four hours values shrank by $5.7 billion. In the chaos chalkies such as Claire Ruckman were exhausted. Seven times more chalk was used than normal. The collapse followed the speculative boom of the mid-1980s, and was triggered by falls in overseas share markets. Over the next few years a number of high-flying companies became insolvent.

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How to cite this page:

Graeme Hunt, 'Business failures and corporate fraud - Failures since 1950', Te Ara - the Encyclopedia of New Zealand, (accessed 14 June 2024)

Story by Graeme Hunt, published 11 Mar 2010