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.

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