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.