Business debt judgments in Northern Ireland fall by 43%

The number of debt judgments against Northern Irish businesses fell by nearly 43 percent in the second half of 2020 compared to same period last year according to figures released by Registry Trust.

The period also saw a large fall in the number and value of judgments against businesses in Northern Ireland from 615 to 353, a fall of nearly 43 percent. The total value of judgments against businesses fell from £1.6 million to £1.2 million, a fall of 21 percent compared to the same period last year.

But, the average value rose significantly by 37 percent from £2,573 to £3,251. This suggests creditors are enforcing against fewer but larger debts.

Registry Trust Chairman Mick McAteer said “The latest Registry Trust data shows that Government and regulatory interventions, and forbearance by creditors, in response to the Covd-19 economic crisis are working. But, the respite may be short lived as the damage to business and household finances will show up later once the jobs and consumer protection measures are unwound.”

Statistics

	Half Year 2019	Half Year 2020	Change (compared with 2019)
Judgments against all businesses volume 615 353 -42.60% total value £1,582,255 £1,242,981 -21.44% Average* value £2,573 £3,521 36.86% Median value £833 £1,020 22.45%   Judgments against incorporated businesses volume 537 284 -47.11% total value £1,496,059 £1,090,022 -27.14% Average* value £2,786 £3,838 37.77% Median value £833 £1,024 22.93%   Judgments against unincorporated businesses volume 78 69 -11.54% total value £86,196 £152,959 77.45% Average* value £1,105 £2,217 100.60% Median value £736 £991 34.65%