August 2021 New level of flat bankruptcy filing
NEW YORK, Sep 07, 2021 (GLOBE NEWSWIRE) – Epiq, a global leader in technology services for the legal services industry and businesses, has released its August 2021 bankruptcy statistics for its corporate services business. information on AACER bankruptcies. Overall, August was stable with 32,225 new filings in all chapters, down slightly from July 2021 with 32,391. Total commercial filings across all chapters increased by 1% compared to July 2021 with 1,724 new cases.
The overall volume of the bankruptcy information market has fallen by more than 20% since the start of the global COVID-19 pandemic. The number of cases opened in U.S. federal bankruptcy courts fell to 786,059 in August, from 989,214 in mid-April 2020.
âThe programs the government has put in place to strengthen personal cash flow and keep people in their homes during the pandemic have had a positive impact on businesses and consumers who would typically go bankrupt,â said Todd Madsen, senior director of ‘Epiq Bankruptcy Analytics. . âConversely, the business of bankruptcy, which brings together lawyers, judges, trustees and administrative agents, is suffering from a historic period of slowdown. These companies are not immune to the pandemic dynamics of the market. ”
So far this year, there have been 291,863 new cases filed in all chapters, down from the same period last year which had 396,113 new cases, a decrease of 26.3%.
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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 give confidence to top performing customers around the world. Learn more at https://www.epiqglobal.com.
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