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Insolvencies down by a quarter since 2014 28/10/2015 New AiB figures show Scottish total personal insolvencies are 25.4% lower than in the same quarter a year ago.

Insolvencies down by a quarter since 2014

The latest quarterly figures from Accountant in Bankruptcy show Scottish total personal insolvencies, which include both bankruptcies and protected trust deeds, are 25.4% lower than in the same quarter a year ago.

Personal insolvencies in Scotland have been dropping consistently since 2008-09, and the numbers fell significantly in the first quarter of the year, which signalled the first months since the legislation governing bankruptcy was amended on 1st April, 2015 by the Bankruptcy and Debt Advice (Scotland) Act.

The statistics also show fewer companies in Scotland going bust, with 180 Scottish-registered businesses becoming insolvent. This is a 13.9% drop on the same quarter a year ago and 8.6% down on the previous quarter. There were no companies at all entering receivership during the quarter.

“The longer term trend of people falling into financial difficulty and seeking debt relief continues to be a declining one, which will be welcomed by everyone who wishes to see Scotland prosper,” said Business Minister Fergus Ewing. “Fewer businesses becoming insolvent also means more people can remain in work, which is good news for industry.”

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