JUDGMENTS AGAINST JERSEY BUSINESSES RISE BY MORE THAN HALF IN THE THIRD QUARTER OF 2019

Court judgments against Jersey businesses rose by more than half in the third quarter of 2019, compared with the same period in 2018, according to figures released today (5th December 2019) by Registry Trust.

There were 58 business judgments registered this quarter, 21 more than in Q3 2018, but despite the rise in number, the total and average values dropped dramatically with Jersey plaintiffs taking out a greater number of judgments in the £501- £1500 range.

Jersey business judgments saw their average value falling 67 percent to £6,807, while the total value saw a 48 percent drop, from £759,116 in Q3 2018 to £394,779 in Q3 2019.

In both the consumer and business sectors, the number of judgments rose while the average judgment value fell. The total value of consumer judgments dropped 34 percent to £1,104,085, this quarter, compared to the third quarter of 2018, with the average value dropping to £4,452 a decrease of 36 percent. See table below for full figures.

Registry Trust is a non-profit organisation. In Jersey it collects, verifies and makes publicly available judgment records from the petty debts and royal court.

The total number of judgments in Jersey rose in the third quarter of 2019 compared to the same period in 2018, with a total of 306 judgments registered during Q3 2019.

Despite an overall rise in judgments, the average value plummeted 45% percent from the previous year, bringing the figures from £8,914 to just £4,898. The total value of all judgments also saw a significant decrease of 38 percent, falling from £2.4 million to £1.5million. Despite an overall rise in judgments, the average value returned to a quarterly standard, highlighting Q3 2018 as an exceptional quarter.

Registry Trust chairman, Mick McAteer said “Accurate and timely judgment data promotes responsible lending and borrowing, and good business decisions which supports the economy. Judgment data also provides an important indicator of the state of the economy and consumer finances. Jersey saw a rise in both consumer and business judgments. We will continue to monitor this data closely for signs of weaker economic conditions.”