March 2021 bankruptcy filings reach their highest level in 12 months
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NEW YORK, April 5, 2021 (GLOBE NEWSWIRE) – Epiq, a global leader in technology services for the legal and business services industry, has released its March 2021 bankruptcy statistics from its AACER bankruptcy information service business. New March filings climbed to 43,425 across all chapters. This was due to 41,150 new deposits from non-commercial consumers, a 41% month-over-month increase and the largest month of new deposit activity since the start of the pandemic in March 2020. Commercial deposits across all chapters also rose from the all-time low in February with a total of 2,275 new filings, a 16% month-over-month increase.
“The decline in Chapter 11 commercial deposits is a direct reflection of lenders and homeowners working with companies to protect their investments outside of a bankruptcy process,” said Deirdre O’Connor, senior managing director of restructuring company at Epiq.
“Bankruptcy filings in March saw strong increases from February,” said Chris Kruse, senior vice president of Epiq AACER. “The rollout of immunization and the associated economic recovery is gaining momentum, which will accelerate the return to new levels of pre-pandemic bankruptcy. We approach the second quarter of 2021 with caution, anticipating that the bankruptcy backlog that emerged during the pandemic could peak.
There were a total of 106,958 new bankruptcy cases in all chapters for the first quarter of 2021, up from 177,245 for the same period in 2020. The two largest increases in March were recorded by non-commercial consumers with 30 802 new cases under chapter 7 and 10,265 new chapters. 13 cases, increases of 9,939 and 1,945 from February 2021, respectively. Chapter 11 commercial deposits were down 9% from February with 384 new deposits in March.
About Epiq AACER Epiq AACER is your partner for bankruptcy information and compliance. Our AACER bankruptcy information services platform is built with superior data, technology and expertise to create insight and mitigate risk for businesses affected by bankruptcy. We offer free bankruptcy statistics and monthly email updates for both commercial and non-commercial consumer bankruptcy filings for Chapter 7, Chapter 11, and Chapter 13 cases. You can subscribe to these resources free on our Bankruptcy Statistics and Trends page.
About Epiq Epiq, a global leader in technology services for the legal services industry and businesses, takes on large-scale and increasingly complex tasks for corporate counsel, law firms and professionals with efficiency , clarity and confidence. Customers rely on Epiq to streamline the administration of business operations, class actions and mass tort, forensic reporting, electronic discovery, regulatory, compliance, restructuring and bankruptcy matters. Epiq’s subject matter experts and technologies create efficiency through expertise and bring confidence to top performing customers around the world. Learn more about https://www.epiqglobal.com.
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