Mediation provides an alternative remedy for mounting credit crunch claims, says Matthew Greenberg
If court activity is a barometer of the economic climate then life out there is somewhat rosy. In September, the Ministry of Justice (MoJ) published its court statistics for 2007. The Chancery and Queen’s Bench divisions of the High Court have seen a very modest increase in overall claims, and bankruptcy petitions have dropped by 8%. The number of cases brought in these courts is dwarfed by those started in the county courts. The county courts issued over 2m non-family claims in 2007. The number of these cases has dropped by 8% from the previous year.
Global problem
But, needless to say, global economics are not rosy, and these statistics arguably reflect a happier climate in 2007. In the last few weeks and months, we have seen some of the most dramatic events in economies both here and abroad (particularly in the United States), and time will tell how these events will unfold.
The experience of the Americans may provide a clue. There is evidence that the financial crisis has prompted increased claims there. The
