‘Sense of shame’ with name inked in Stubbs

The old adage suggests there may be no such thing as bad publicity.

However, the exception that proves the rule is certainly true when it comes to seeing your name in Stubbs Gazette.

One of the longest-running publications in the world since its first edition in 1828, it has become the bible for all types of lending agencies, from banks, and credit unions to venture capitalists who want to assess the credit rating of firms and individuals.

In Ireland, Stubbs Gazette is published by the Business Pro company based in Schoolhouse Lane, Dublin.

Its principal renown is for its weekly listing of all court judgments — decisions by the High Court or Circuit Court on foot of a petition by creditors that a debt is owed. It also lists satisfactions, companies in receivership, creditors’ meetings to appoint a liquidator and new companies.

A weekly, online edition is accessible to subscribers, although a monthly edition is also published and on sale in some newsagents.

The judgment of over €1.9m against Health Minister James Reilly was one of 113 separate cases published in this week’s edition which saw total judgments worth €200m being registered.

Individuals and companies against which judgments are registered are listed on a county-by-county basis, with information on the identity of those seeking the judgment and the date it was registered by the courts.

Stubbs Gazette managing director James Treacy said he was “flabbergasted” by the listing of Dr Reilly.

Other financial experts said that anyone listed in Stubbs Gazette was likely to suffer a negative credit rating which would affect their future ability to take out loans. “Apart from the sense of shame that comes with seeing your name in Stubbs, its main impact is how it will adversely affect your future credit rating,” said a senior financial adviser. “Lending institutions are always anxious to have as much information as possible about a person or firm’s ability to repay a loan. Any judgment recorded against you is regarded as a warning flag about your credit status,” he said. “That is particularly true in the current economic climate where banks themselves have been burnt by their own recent lending policies and may well seek any reason not to approve a loan.”

Following on the registering of a judgment, the petitioner (banks in many cases) can seek enforcement of a loan through a number of measures, including the use of the local sheriff to seize goods or to seek to declare someone a bankrupt. However, even if payments are subsequently made and outstanding debts cleared, the entry in Stubbs Gazette remains on the public record.