These drops point to consumers and businesses slowly navigating their way out of heavy burden of debt.
The number of bad debt judgments against Irish consumers and businesses has dropped by almost 40% this year compared to 2010.
5,465 judgments were awarded against individuals and companies during the first 9 months of 2010 - these had a value of just over E704m. During the same period this year those figures fell to 3,338 judgment awards (down 39%) worth E263m (down 63%).
The largest number of judgments in both years were awarded to the Revenue Commissioner however, this year's figure was down 12% on 2010's (1,376 v 1,562).
This drop in judgment awards could be down to a number of factors. One possible explanation could be that trading in the recession years has caused Irish companies to be more prudent with their resources and to make sounder decisions based on economic advice. This would include leasing instead of buying, seeking payment guarantees and performing thorough risk and credit checks on companies.
The number of companies that have collapsed this year. This figure is up 27% compared to last year
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PREDICTIVE CREDIT REPORTS
Our Credit Reports are predicting over 80% of insolvencies at up to 6 months in advance.
- 33 Companies
E8 (Notice Of Appointment Of Receiver)
- 16 Companies
- 4 Companies
The number of companies that have closed this week.
- 286 Companies
- 379 Businesses
- 1153 Companies
HIGH COURT NOTICES
- 0 Company
- 186 Companies
- 100 Companies