The number of debt judgments in Jersey fell to a historic low during 2017, according to figures released today by Registry Trust.
Registry Trust is the non-profit organisation that collects judgment information from jurisdictions throughout the British Isles and Ireland. In Jersey, it collects, verifies and makes publicly available judgment records from the petty debts and royal court. A judgment is incontrovertible proof that debt has not been managed.
There were 1,724 judgments registered in Jersey during 2017, 12 per cent fewer than in 2016. By contrast, 3,489 judgments were registered in 2010.
The number of debt judgments against consumers also decreased 12 per cent to 1,500. There were 224 business judgments, 27 fewer than the year before.
There were 16.5 judgments issued per 1,000 people in Jersey last year, compared with 20.0 per 1,000 in England and Wales.
The mean average judgment increased 31 per cent to £3,815. As a result, the total value of all judgments rose to £6.6 million, up 15 per cent.
Rising 117 per cent, the mean average consumer judgment was £2,940. Six large consumer judgments, collectively worth almost £1,250,000, disproportionately contributed to the scale of this increase. Excluding these judgments, the mean average consumer judgment rose 57 per cent to £2,117. The median consumer judgment rose in value 38 per cent.
The median business judgment’s value rose 22 per cent to £2,216.
During 2017, 9.8 per cent of Jersey’s judgments were satisfied. This contrasts with 13.04 per cent in England and Wales.
“Jersey's economy can look forward to a bright 2018 - on the basis of our judgment stats for last year” said Malcolm Hurlston, chairman of Registry Trust. “There was generally sound borrowing and appropriate lending, leaving scope for more sensible borrowing in the current year.”