Fall in judgments is good news for Northern Ireland economy
There was welcome news for Northern Ireland’s economy this week as statistics from Registry Trust revealed significant decreases in the number and value of default and small claims judgments.
Registry Trust is the non-profit organisation which collects judgment information from jurisdictions across the British Isles and Ireland. All judgment records collected are made available for the public to search at www.trustonline.org.uk. A judgment record held against a business or individual shows failure to pay and can therefore serve as a simple indicator of creditworthiness.
Registry Trust statistics show that the total value of default and small claims judgments in Northern Ireland fell to £4.144m in the third quarter of 2013, down by nearly half a million (10.7 percent) from the previous quarter and £1.213m (22.6 percent) compared with the third quarter of 2012.
The total number of default and small claims judgments decreased to 2,050, a quarterly fall of over 20 percent and a year-on-year reduction of over 14 percent. The average judgment value stood at £2,021 in Q3 2013, down £209 (9.4 percent) compared with the same period last year.
The news is also good for High Court judgments. After spiking to £21.573m in the first quarter of 2013, the total value of these judgments fell markedly to £6.609m in the latest quarter, a decrease of just under 70 percent. Percentages can be unduly influenced by individual cases given the small numbers of High Court judgments. There were 72 High Court judgments in Q3 2013, compared with 127 in Q3 2012.
Releasing the statistics Trust chairman Malcolm Hurlston CBE commented: “We can now report a clear downward trend in the debt problems of both people and businesses in N Ireland. This gives strong hope for further economic recovery.”
Last quarter a total of 4,363 search requests about judgments registered in Northern Ireland were received by the online database, demonstrating the wide interest in judgment data.