10% jump in County Court Judgments against businesses
The number of County Court Judgments (CCJs) against businesses rose by nearly 10% in the first three months of this year.
The Registry Trust, which compiles the figures, says there were 34,602 CCJs against businesses in England and Wales in the first quarter. That was a rise of 9.8% on the final quarter of 2011.
The total value of the judgments in the first three months of this year was £151m. The figure for the previous quarter was £143m.
Meanwhile, figures from the Insolvency Service show that there were a total of 4,303 compulsory liquidations and creditors’ voluntary liquidations in England and Wales in the first quarter of this year.
That was an increase of 0.2% on the previous quarter and an increase of 4.3% on the same period last year.
The figures show that many firms are continuing to struggle in the current economic downturn. Businesses need to monitor their credit control carefully to ensure their customers and clients pay on time. Failure to do so can lead to cash flow problems that can cripple otherwise profitable companies.
Please contact Neil O’Callaghan if you would like more information about the issues raised in this article or any aspect of credit control and debt collection.