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IRISH INSTITUTE OF CREDIT MANAGEMENT
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The Irish Institute of Credit Management News Details
TOUGH TIMES FOR BUSINESS - 25-Feb-2010
TOUGH TIMES FOR SCOTTISH BUSINESS IN 2009
The value of decrees against Scottish businesses reached record levels in 2009, according to figures released today (February 16 2010) by Registry Trust, the not for
profit company which maintains judgment and decree information in the public interest throughout the British Isles and Ireland.
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The total value of commercial decrees rose by 74 percent to a record £11.5million. Similarly, the number of decrees against businesses shot up by 53 percent to reach 7,946.
Consumer decrees increase
The impact of the recession was evident for consumers, with a 10 percent rise in the number and value of decrees in 2009. There were 31,525 consumer decrees reaching a total value of £41.8 million.
Public interest
Matching the rise in decrees against people and businesses was a surge in public interest in the content of the register. In 2009, there were 5,765 searches of the register, an increase of 134 percent year-on-year. Registry Trust's website, http://www.trustonline.org.uk/ , now accounts for 79 percent of all searches. Announcing the annual statistics, chairman of Registry Trust, Malcolm Hurlston, said: "It is not surprising to see an increase in lenders using the courts to get their money back. 2009 has been a tough year for many businesses and individuals, and it is wise to use http://www.trustonline.org.uk/ to check others for bad debts before doing business with them. The service is instant, efficient and easy to use. " Figure 7.1: Decree amounts Year | Consumer
(£000) | Corporate
(£000) | Non-Corporate
(£000) | Total
(£000) | Annual Change
(%) | 2005 | 18,386 | 1,063 | 1,592 | 21,041 | -- | 2006 | 18,023 | 1,081 | 1,431 | 20,535 | -2.4% | 2007 | 16,624 | 997 | 1,361 | 18,982 | -7.6% | 2008 | 37,751 | 3,184 | 3,414 | 44,348 | 133.6% | 2009 | 41,781 | 5,964 | 5,520 | 53,265 | 20.1% |
Figure 7.4: Decree numbers Year | Consumer
(£000) | Corporate
(£000) | Non-Corporate
(£000) | Total
(£000) | Annual Change
(%) | 2005 | 30,428 | 1,939 | 2,695 | 35,062 | -- | 2006 | 25,721 | 1,722 | 2,252 | 29,695 | -15.3% | 2007 | 23,794 | 1,722 | 2,042 | 27,608 | -7.0% | 2008 | 28,595 | 2,610 | 2,569 | 33,774 | 22.3% | 2009 | 31,525 | 4,097 | 3,849 | 39,471 | 16.9% |
Anthony Sharp Associates have provided the above Registry Trust statistics.
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