Debt judgments registered against businesses up 24%

The number of debt judgments registered against businesses in the Four Courts during the first three months of the year, was up 24 per cent versus the same period in 2015.

New figures from the non-profit organisation Registry Trust show there were 295 judgments recorded, of which 158 were against incorporated businesses and 137 for unincorporated firms.

The value of first quarter judgments totalled €25 million, up 118 per cent on the first quarter of 2015.

The Registry Trust attributed the increase to a surge in the value of judgments against unincorporated organisations.

The average value of a business judgment was up 78 per cent to €85,978, the highest level seen since before start of the downturn in early 2008.

The figures are based only on judgments registered at the request and cost of creditors at the Four Courts in Dublin and therefore provide only a partial picture of unmanaged debt judgments in the country. In Northern Ireland, where judgments from all courts are registered, there were 2,013 judgments in the first quarter of the year.

The overall number of debt judgments registered in the Four Courts fell to its lowest level since early 2008 during the first quarter. This was due to a decline in the number of judgments against consumers, which fell by 35 per cent versus the same three month period a year ago.

However, while the number of judgments against consumers was down, the average value of those judgments rose by 20 per cent to €141,731.