The Accountant in Bankruptcy has released their resourced Scottish Insolvency Statistics.
According to their release, in 2018-19 personal insolvencies in Scotland increased by 20.6% to 12,788 from 10,602 in 2017-18. They highlight that whilst this is the third consecutive year there has been an increase, levels still remain lower that those seen following the credit crunch in 2008. Much of the increase is down to a 32.8% increase, from the previous year, in protected Trust Deeds.
There was also an increase of nearly 10% in Debt Arrangement Scheme applications and a similar increase in corporate insolvencies, which rose from 884 in 2017-18 to 967 in 2018-19.
There is no indication of why insolvencies on the increase but it must considered that increased consumer borrowing is impacting on personal insolvency levels whilst potentially concerns around Brexit delaying investment and decisions may be impacting on the corporate levels.
The Accountant in Bankruptcy’s full report can be accessed here.
Get in touch
Henderson Loggie’s Business Recovery & Insolvency department are happy to answer any queries you may have.