According to the Registry Trust, there were 3,721 defaults and small claims judgments in Northern Ireland in first six months of 2019 with a total value of £7.8 million.

The number represents a 19 per cent decrease when compared to the first half of 2018, and a 16 per cent fall in value, though the average value increased by four per cent to £2,094.

There were 30 High Court judgments (down by five) worth £2.3 million (down 19 per cent) and an average value of £77,935 (down five per cent).

The total value of judgments in the first half of the year in all courts in Northern Ireland was £10.1 million, compared with £12.2 million in the first half of 2018.

Over the period, 3.33 per cent of judgments were marked as satisfied. This is an increase from last year despite the volume of judgments falling this year. This contrasts with 13.88 per cent satisfaction in England and Wales, where satisfaction rates are generally higher owing to differences between legal systems.

Trust deputy chairman Mick McAteer said: “Although concerns have been expressed about the robustness of the Northern Ireland economy during this period of pre-Brexit uncertainty, the latest analysis from Registry Trust showing significant falls in judgments paints a more positive picture.

“But, it is too early to reach conclusions as these falls could represent legacy problems falling out of the system. We will continue to monitor the data to see if these improvements are sustained.”