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Number of Scots insolvencies stabilises 01/08/2016 Newly released figures from Accountant in Bankruptcy show that the number of personal insolvencies in Scotland has returned to trend

Number of Scots insolvencies stabilises

Newly released figures from Accountant in Bankruptcy (AiB) show that the number of personal insolvencies in Scotland has returned to trend following significant reform of bankruptcy legislation.

Total personal insolvencies, including both bankruptcies and protected trust deeds, totalled 2,405 for the first quarter of 2016-17 up to 30th June 2016, a 7.8% increase on the previous quarter.

Taken as a whole, the Scottish Insolvency Statistics for the first quarter of 2016-17 show a return to relative stability following a bedding-in period after the introduction of the Bankruptcy and Debt Advice (Scotland) Act, which amended the laws governing bankruptcy on 1st April 2015.

Personal insolvencies in Scotland have been dropping consistently since 2008-09, and the numbers fell significantly in the first quarter of 2015-16, which marked the first months since the new legislation came into force.

The new figures for the first quarter of the year show 1,144 bankruptcies were awarded, which is 14.7% up on the previous quarter. Discounting the same period a year ago, which signalled the introduction of the new legislation, the figure is 41.7% lower than the first quarter of 2013/14 and 34.9% lower than in the same quarter of 2014/15.

The number of protected trust deeds recorded remained largely stable at 1,261 - a 2.1% increase from the previous quarter.

The number of Scottish businesses becoming insolvent or entering receivership rose by 28, up from 230 in the final quarter of 2015-16 to 258.

The figure for the quarter is made up of 175 compulsory liquidations and 81 creditor voluntary liquidations. There were only two receiverships recorded for the quarter. There were also 215 members' voluntary liquidations, which is significantly down from the 358 recorded in the previous quarter.

A full statement of Scotland’s insolvency statistics for the first quarter of 2016-17 is available here.

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