An increase in personal insolvencies in Scotland
The Accountant in Bankruptcy has published its Annual Report for 2019-20 today, which includes the statistics showing the changing trends in Scottish debt solutions to 31 March 2020.
- The number of personal insolvencies rose by 5.5%, this being the fourth consecutive year of increased cases.
- The increase of 10.5% in Protected Trust Deeds was the main contributor.
- 80% of bankruptcies were debtor applications.
- Debt Arrangement Scheme cases increased by 23%
- There was a slight decrease (2.1%) in the number of corporate insolvencies recorded.
The report deals with the statistics for a period before the impact from the Covid-19 pandemic. Dr Richard Dennis, the Accountant in Bankruptcy, anticipates challenging times ahead when he notes that “We can expect a significant increase in new case volumes as the economic consequences of the pandemic drive more people into a position in which they need the statutory debt solutions.”
The full report can be found on the Accountant in Bankruptcy’s website here.
Get in touch
Margaret Linn
Insolvency Manager
01382 200055
margaret.linn@hlca.co.uk