Second-quarter judgments top €185m
Published 02/08/2011 | 05:00
JUDGMENTS of more than €185m were secured in Ireland by creditors against debtors in the second quarter of this year.
The figures come as new research shows some bust companies are re-opening under new names after writing off debts.
The value of judgments obtained in the first six months of 2011 stands at €436m.
The €185m in the three months to the end of June is down from the €250m worth of judgments registered in the first quarter of the year.
Last year, €909m in judgments was secured by creditors. The figures, compiled by the Irish unit of international research group Experian, show the tax office secured more judgments than any other institution.
Tax authorities registered 552 judgments worth €27m in the second quarter of the year.
The largest judgment secured by it in the three-month period was for €3.4m against company director Paul McGlade of 29 Upper Merrion Street, Dublin 2. Mr McGlade is a director of the Therapie Body Clinics.
Credit unions notched up the next biggest tally of judgments in the quarter, obtaining 232, with a value of nearly €4m.
Banks secured 187 judgments in the second quarter of 2011, valued at €127.3m. The largest was for €28.2m by Anglo Irish Bank against William, or Liam Smyth, of Clyde Road, Ballsbridge, Dublin. The judgment related to unpaid property loans.
Research company Vision-Net says a substantial minority of businesses going through insolvencies are re-emerging to start trading again, even after walking away from unpaid debts.
Vision-Net looked at cases where the same type of business had opened at the same premises as a previously failed firm.
Vision-Net says 15pc of all companies forced to shut last year are already back in business. According to its figures, 578 companies emerged from the ashes of corporate failures this year.