THE NUMBER OF DEBT JUDGMENTS ISSUED AGAINST CONSUMERS IN THE ISLE OF MAN FALLS BY OVER EIGHTY PERCENT IN Q3 2020
The number and value of judgments issued in the Isle of Man Courts of Justice against consumers fell sharply in the third quarter (Q3) of 2020, according to data published today (20th Oct 2020) by Registry Trust.
The total number of judgments issued against consumers in Q3 2020 was 126, a fall of 81 percent compared to the 678 in the same period in 2019. The value of judgments issued against consumers fell by a staggering 92 percent from nearly £57 million to just £4.6 million. The average value fell by more than half from £83,882 to £36,848. The median also fell from £16,290 to £10,314, a fall of 37 percent.
Judgments against Isle of Man businesses also saw steep falls. The numbers of judgments against businesses in Q3 2020 was 78, a fall of 59 percent from the 192 issued in the same period of 2019.
The value of business judgments registered in the half year was less than £1 million (£907,346), a huge fall of 82 percent compared to the nearly £5 million in the same period of 2019. The average value of business judgments fell by 55 percent, from £26,039 to £11,633, with the median dropping by 14 percent from £7,000 to £5,987.
Registry Trust chairman, Mick McAteer said: “The latest data would suggest that consumers and businesses are doing well despite the economic and financial shocks created by the Covid19 pandemic. But, it is important to note that the full economic of Covid19 has not shown up in the data. 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 will change as protections are unwound.”
|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|