Overall bankruptcies filed in November dropped dramatically, with Chapter 11 filings showing a far bigger percentage drop than other categories, according to monthly statistics released by Epiq Systems Inc.
Commercial Chapter 11 filings fell from 487 in November 2013 to 296 last month, a drop that far outsized, by percentage, the 16% slide for overall bankruptcy filings for the same period, Epiq statistics indicate.The decrease from October's statistics to those of November was 39%, Epiq noted. A total of 4,817 Chapter 11 business filings have been reported so far in 2014, down 22% for the same period last year.
For perspective, "the number of Chapter 11 commercial bankruptcy filings for the current month represents a decline of about 69% when compared to the recent historical high-water mark of 947 filings, which occurred in 2009,” said Lorenzo Mendizabal, managing director at Epiq Systems.
- Brian Shappell, CBA, CICP, NACM staff writer