Number of Scottish insolvencies decline

[Legal Beagles]

The Accountant in Bankruptcy (AiB) reports an overall four per cent drop in personal insolvencies.
The latest official Scottish figures released today show that from July to September, there were 5,168 awards of personal insolvencies and 247 notices of Scottish registered companies becoming insolvent or entering receivership. A total of 497 Debt Payment Programmes were also approved.
The AiB insolvency statistics in brief:

• 5,168 personal insolvencies show a four per cent drop on Q1 and a ten per cent drop on the same period 2009/10;
• 3,092 awards of bankruptcy show a one per cent drop on Q1 and a 12 per cent drop on the same period 2009/10;
• 2,076 Protected Trust Deeds (PTDs) were again down by seven per cent on Q1 and eight per cent down on the same period 2009/10;
• 2,224 awards of bankruptcy as a result of debtor applications which is 11 per cent down on the Q1 and 20 per cent down on Q2 last year;
• 756 awards resulted from petitions to the courts by creditors which was 35 per cent up on Q1 and 17 per cent up on the same quarter for 2009/10;
• 112 awards were made as a result of petitions to the court by trustees in a trust deed showing a 45 per cent increase on the previous quarter and a 23 per cent increase on the same quarter last year; and
• 497 Debt Payment Programmes (DPPs) were approved which was up one per cent on the previous quarter and up 60 per cent on the same quarter 2009/10.

For further information on Scottish insolvency statistics visit the AiB website.


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