There was a total of 545 debt judgements against businesses in Northern Ireland last year, which was just slightly up on the year before (2020) when there was 539 judgements. However the total value of them rose by around 18% on the previous year, up to £2.7 million in 2021 compared to £2.2 million in 2020.
Most Recent Figures On Judgements
Here are some more figures compiled by the Registry Trust, as copied from an article today on the Irish News website by Gary McDonald:
`The average value of business judgments rose by 17 per cent from £4,228 in 2020 to £4,930 in 2021 said the Trust, the not-for-profit organisation which maintains the Register of Judgments, Orders and Fines for the UK & Ireland.
Meanwhile the number of judgments registered against individual consumers rose by 2 per cent over the year from 3,207 to 3,263 in 2021 – still well below the highs seen prior to the Covid-19 pandemic.
But the total value of the orders increased by more than one fifth (21 per cent), from £7,968,364 in 2020 to £9,677,337 last year, with the average value up 19 per cent from £2,485 to £2,966.`
The Outlook For Financially Vulnerable Households Does Not Look Good
In the same article Registry Trust chair Mick McAteer said of the figures:
“But given that we have yet to see the full impact of the current cost of living crisis and the Christmas period, which can be a difficult time for many, there can be no room for complacency.
“The outlook for financially vulnerable households in 2022 does not look good, and we’ll be monitoring our data closely for further increases.”
Details On The Registry Trust
By the way, if you are wondering what the Registry Trust is, it was established in 1985 to maintain the official statutory Register of Judgments, Orders, and Fines for England & Wales on behalf of the Ministry of Justice, and maintains similar Registers for Scotland, Northern Ireland, Republic of Ireland, Isle of Man, and Jersey by agreement with the relevant authorities. They are responsible for handling and responding to all enquiries from consumers, courts, businesses, and government regarding the Register and they provide a trusted and impartial source of credit information to any who need it. It is a very useful entity if you ever need information.
That is all for this blog, if you want any help with any aspect of your accounts don`t forget to contact our dedicated team on 028 3752 2909.