May 2021 Bankruptcy Filings Drop, Again
NEW YORK, June 08, 2021 (GLOBE NEWSWIRE) – Epiq, a global leader in technology services for the legal services industry and businesses, has released its May 2021 bankruptcy statistics for its information services business on AACER bankruptcies. New deposits for May fell to 34,734 across all chapters. This is a decrease of 15% from the number of new filings in April 2021 of 40,913. Non-commercial consumer filings in all chapters totaled 32,958, down 15% from 38. 830 in April. Commercial deposits in all chapters were also down in May with a total of 1,776 new deposits, down 15% from 2,083 in April.
“Bankruptcy filings in May returned to similar levels during the global COVID-19 pandemic after a two-month peak in March and April,” said Chris Kruse, senior vice president of Epiq AACER. “This is not unexpected, because historically, new bankruptcy filings in March and April have increased each year due to holiday spending. However, continued stimulus investments are having a positive impact on the consumer and holding back bankruptcy volumes. “
There were 182,629 new bankruptcy filings in all chapters in the first five months of 2021, down 29% from 255,697 during the same period in 2020. Commercial Chapter 11 filings have declined by 14% compared to April with 246 new deposits in May.
“The continued decline in Chapter 11 filings is expected given the ample available market liquidity coupled with federal stimulus intervention,” said Deirdre O’Connor, senior managing director of corporate restructuring at Epiq.
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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.
Epiq, a global leader in technology services for the legal services industry and businesses, supports 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 give confidence to top performing customers around the world. Learn more at https://www.epiqglobal.com.
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