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Insolvencies down by 11% since 2014 27/01/2016 AiB has released official statistics reporting personal and company insolvencies in Scotland for the third quarter of 2015-16.

Insolvencies down by 11% since 2014

Accountant in Bankruptcy (AiB) has released official statistics reporting personal and company insolvencies in Scotland for the third quarter of 2015-16.

The number of bankruptcies awarded, protected trust deeds (PTDs) registered and Debt Arrangement Scheme approved totalled 2,862 in the third quarter of 2015-16, says AiB. The number of people accessing statutory debt solutions in Scotland, despite having increased 6.6% this quarter, decreased 23.3% compared to the same quarter last year.

The figures show that personal insolvencies, which include both bankruptcies and PTDs, decreased 11% from the same quarter last year.

Bankruptcies have fallen 37.4% in a year. This follows the long-term trend of decreasing numbers of personal insolvencies, although a total of 989 bankruptcies were awarded this quarter, an increase of 2.5% on the previous quarter. On the other hand, the number of PTDs increased by 7.2% compared to last quarter, and are 28.7% higher than the same quarter last year. PTDs has become the prevalent debt relief solution after the latest changes in bankruptcy legislation aligned Bankruptcy and PTD' s minimum contribution periods, says AiB.

It reports that there were fewer than 14,000 live cases at the end of this quarter, slightly less than last quarter. As a result of a decrease in the number of live cases, the total amount paid through DAS decreased 2% to £9.4 million. This quarter saw 517 applications for a DPP approved - up 13.4%, the first increase since April 2014.

Finally, says AiB, the number of Scottish registered companies becoming insolvent or entering receivership increased in the third quarter of 2015-16, with 254 companies becoming insolvent or entering receivership. There were also 190 members’ voluntary liquidations.

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