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Scottish Insolvency Statistics show rise 26/07/2018 The latest statistics from AiB show total personal insolvencies, which include both bankruptcies and protected trust deeds, rose by 11.8% relative to the first quarter of 2017-18.

Scottish Insolvency Statistics show rise

The latest statistics from Accountant in Bankruptcy (AiB), looking at the first quarter of 2018-19, show total personal insolvencies, which include both bankruptcies and protected trust deeds (PTDs), rose by 11.8% relative to the first quarter of 2017-18.

The figures are still well below historic levels, says AiB.

Bankruptcy awards are down 6.5% on the same period a year ago with 1,236 awarded for the first quarter of 2018-19, covering the period from 1st April to 30th June 2018. This figure is below the 1,322 awarded in the same quarter for 2017-18. There was a marked increase in PTDs, however, with 1,972 PTDs protected in the first quarter of 2018-19, up from 1,547 in the same quarter last year.

The Scottish Government’s Debt Arrangement Scheme (DAS), which allows people to take control of their finances and repay their debts without facing insolvency or further action being taken against them, also showed a rise of 8.5% compared to the same quarter a year ago.

There were 648 debt payment programmes approved under DAS in the first quarter of 2018-19, compared with 597 in the same quarter for 2017-18. A total of £9.5 million was repaid through the scheme in the quarter, similar to the £9.4 million the previous year.

On the corporate front, the number of Scottish corporate insolvencies rose during the quarter from the same period a year ago. There were 245 total corporate insolvencies during the quarter, up from the 200 recorded in the first quarter of 2017-18. This number was composed of three receiverships, 145 compulsory liquidations and 97 creditors’ voluntary liquidations.

Nevertheless, the 245 recorded during the first quarter of 2018-19 is down on the 259 reported in the previous quarter, Q4 of 2017-18, says AiB.

More details are here and the statistics can be found here.

 

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