Surge in value of bad debt judgments in the courts
Published 21/07/2015 | 02:30
The value of bad-debt judgments handed down by the courts in the first six months of the year surged by close to a third.
Some 2,308 commercial and consumer judgments were given out by the courts in the period.
The new figures were released by Vision-net.ie, the online business and credit risk analyst.
The total value of these judgments stood at just over €220m, up 32pc on 2014.
The average value of judgments was €95,333.
Some 1,692 judgments were handed down against consumers in the first half of the year, a 6pc increase on last year.
Consumer judgments over the same period had a total value of €202.8m.
This represents a 41pc increase on the same period last year, when total consumer judgments stood at €143.8m.
Christine Cullen, managing director of Vision-net.ie, said that despite all the recent positive economic sentiment, the burden of debt still loomed large for thousands of businesses, families and communities across Ireland.
"What stands out from our data is that consumer debt remains a significant problem and, worryingly, the average value of that debt continues to rise year on year," she said.
"More positively, the first half of 2015 has seen a marked fall in the value of commercial judgments, by 25pc when compared with 2014.
"Equally, when comparing 2009 to 2014, we can see that the volume of business bad debt judgments has reduced three-fold."