THE NUMBER OF DEBT JUDGMENTS ISSUED AGAINST CONSUMERS IN THE ISLE OF MAN FELL BY MORE THAN HALF IN 2020
The number of judgments issued in the Isle of Man Courts of Justice against consumers fell by more than half (51%) in 2020 compared to 2019, according to data published today (08.01.2021) by Registry Trust.
The total number of judgments issued against consumers in 2020 was 217, a fall of 51 percent compared to the 447 in 2019. The value of those judgments was more or less unchanged, falling by less than one percent from £2.38 million to £2.36 million. As a result, the average value more than doubled from £5,319 to £10,856. The median also rose, by 20 percent, from £647 to £778.
Judgments against Isle of Man businesses also fell. The numbers of judgments against businesses in 2020 was 48, a fall of 43 percent from the 85 issued in 2019.
The value of business judgments registered in 2020 more than doubled, up 103 percent from just under £0.5 million to over £1 million. As a result, the average value of business judgments saw a large rise of 259 percent, from £5,836 to £20,960. The median value rose by 26 percent from £2,100 to £2,652.
Registry Trust chairman, Mick McAteer said: “The protections provided by policy and regulatory interventions, and creditor forbearance, when Covid-19 hit meant judgment activity had entered a state of almost suspended animation. As a result, consumer judgments halved during 2020. But, the latest data would suggest that consumer judgments are on the rise again after that period of respite. The number of judgments against businesses fell again with creditors taking out fewer, larger judgments”.
|Half Year 2019||Half Year 2020||Change (compared with 2019)|
|Judgments against consumers|
|Judgments against all businesses|
|Judgments against incorporated businesses|
|Judgments against unincorporated businesses|