- by JP Wickremasinghe on 12/09/2017
The number and value of bad debt judgments, awarded in the first eight months of this year, is down on the figures for the same period in 2016 - however, current figures are still substantial and warrant review.
1,838 judgments were awarded against companies and consumers between January and August of 2017 failure to repay debts (down 11.5% on the same period last year - 2,076) - these awards totalled €132.9m which is down 27% on the same period in 2016 (€181.4m).
1364 of this year's judgments (74%) were awarded against consumers - these judgments have a value of €117m - 88% of the total value of judgments awarded (an average value of almost €86k per judgment). This compares to 1,455 separate judgments worth €160.5m awarded against consumers in the first eight months of 2016.
866 of the judgments against consumers were awarded to the office of the Revenue Commissioner and are valued at €29.8m. Banks received a further €64m in 115 separate judgments against consumers - an average of almost €577k per award.
Industries with the most judgments awarded in their favour are as follows:
474 judgments were awarded against companies between January and August of this year - these had a combined value of €15.9m. 199 of these judgments were awarded to Local Authorities (City & County Councils etc).
€6.8m in corporate bad debt judgments were awarded to companies in the wholesale & retail sector in 40 separate cases.
The industries with the most corporate judgments awarded in their favour are as follows:
2 out of 3 businesses say their costs are higher today than pre-recession levels. The Vision-net 'Cost Of Doing Business Report', highlights the increasing trend towards rising business costs.
A breakdown of the key trends affecting Irish companies between January and June 2017