Significant rise in CCJs against UK & Ireland businesses in Q1 2022
Registry Trust, the not-for-profit organisation which maintains the Register of Judgments, Orders and Fines for the UK & Ireland, has released Q1 2022 monetary judgment statistics.
There were 230,239 new monetary judgements processed overall in Q1 2022, which is a 10% decrease compared to the Q1 2021 total of 256,404. However, there was a significant rise in county court judgments (CCJs) against businesses.
In England & Wales, the total number of commercial CCJs increased from 15,2010 in Q1 2021 to 29,705 in Q1 2022, with the value of CCJ debt owed by businesses up 33% from £79 million in Q1 2021 to £105 million in Q1 2022. The most significant increase of 129% was seen amongst larger incorporated businesses.
Scotland saw nearly a 52% increase in decrees (CCJ equivalent) against businesses in Q1 2022 compared to Q1 2021. The total value of these judgments increased significantly by 269% from just under £2.1 million to £8 million. Northern Ireland recorded a total of 179 debt judgments in Q1 2022 compared to 152 in Q1 2021, an increase of 18%. However, the value of Northern Irish business debt judgments decreased by 15% from £4,552 in Q1 2021 to Q1 2022 £3,873.
Judgments against businesses in the Republic of Ireland rose by 24% in Q1 2022 compared to Q1 2021, with the total value of judgments against businesses falling by 2%. Jersey recorded a 68% increase in judgments against businesses in Q1 2022 compared to Q1 2021, whilst judgments against businesses in Isle of Man saw an increase from 3 in Q1 2021 to 12 in Q1 2022.
Conversely, the number of High Court Judgments against businesses in England & Wales fell by 13% in Q1 2022 compared to Q1 2021 with total value decreasing sharply by 81% from £98 million. The small number of High Court Judgments means these figures are subject to large fluctuations.
Registry Trust’s CEO, Lex Jones, said:
“The increase in debt judgments against large and small businesses across the UK & Ireland is compelling. This reflects the very serious challenges that businesses are facing in the current economic climate. As our analysis in September 2021 showed, outstanding commercial CCJs act as a ‘warning sign’ for insolvency, suggesting that timely intervention is required. The trend we are seeing is likely to continue without further financial support being made available.”
You can find more details on Registry Trust’s full Q1 2022 statistics here.
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