DEBT JUDGMENTS ISSUED AGAINST CONSUMERS AND BUSINESSES IN THE ISLE OF MAN SEE LARGE FALLS IN FIRST QUARTER 2021 COMPARED TO SAME PERIOD LAST YEAR
The number and value of judgments issued in the Isle of Man Courts of Justice against consumers fell sharply in the first quarter of 2020 (Q1 2021) compared to the same period last year, according to data published today [16.04.2021] by Registry Trust.
The total number of judgments issued against consumers in Q1 2021 was 55, a fall of 35 percent compared to the 85 in the same period in 2020. The value of judgments issued against consumers fell by two-thirds from nearly £719,671 to just £240,795. The average value fell by nearly half from £8,467 to £4,378. The median also fell, but by less, from £718 to £620, a fall of 14percent.
Judgments against Isle of Man businesses also saw steep falls. The numbers of judgments against businesses fell from 19 in Q1 2020 to just three in Q1 2021, a fall of 82 percent.
Judgment activity against businesses in the Isle of Man was almost non-existent in the quarter. The value of business judgments registered in Q1 2021 was just £5,333, down 99 percent from the £372,411 in Q1 2020. The average value of business judgments fell by 91 percent, from £19,601 to £1,778, with the median dropping by 35 percent from £1,864 to £1,200.
Registry Trust Chair, Mick McAteer, said: “The latest data would suggest that consumers and businesses have been shielded from the full effects of the economic shocks caused the Covid-19 pandemic. The protections provided by policy and regulatory interventions, and creditor forbearance, meant judgment activity entered a state of almost suspended animation since the pandemic hit. That may change as protections are unwound, and numbers are higher than the lows seen in Q2 2020.”
|Q1 2020||Q1 2021||Change (compared with 2020)|
|Judgments against consumers|
|Judgments against all businesses|
|Judgments against incorporated businesses|
|Judgments against unincorporated businesses|