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Bankruptcies at lowest level in over eleven years - An Official Statistics Publication for Scotland PDF Print E-mail
Wednesday, 22 July 2015

Bankruptcies decreased sharply this quarter with 757 awarded which is a 56.5 per cent decrease on the previous quarter, this figure also represents a decrease of 56.9 per cent on the same quarter of the previous year.

Accountant in Bankruptcy (AiB) today released official statistics reporting personal and company insolvencies in Scotland for the first quarter of 2015-16.

The number of bankruptcies awarded, PTDs registered and DAS approved totalled 2,136 in the first quarter of 2015-16. The number of people accessing statutory debt solutions in Scotland declined by a third in the last quarter and almost halved in the last year.

The first quarter of 2015-16 figures show that personal insolvencies, which include both bankruptcies and protected trust deeds (PTDs), fell 45.8 per cent from the same period of the previous year. A total of 1,606 were recorded during this period, which is the lowest number recorded in over 14 years.

The total number of bankruptcies awarded decreased a 56.5 per cent on the previous quarter to 757. This represents a decrease of 56.9 per cent on the same quarter of the previous year. On the other hand, the number of PTDs increased slightly this quarter, with a total of 849 recorded. This represents an increase of 1.8 per cent on the previous quarter, however the number of trust deeds protected fell 30.0 per cent from the same quarter in 2014-15.

The number of people entering the statutory debt management solution, the Debt Arrangement Scheme (DAS), decreased to the lowest quarterly total in over four years. A total of 530 Debt Payment Programmes were approved this quarter, a decrease of 16.3 per cent on the previous quarter.  A total of £9.5 million was repaid through DAS this quarter.

The number of Scottish registered companies becoming insolvent or entering receivership remained steady in the first quarter of 2015-16, with 197 companies becoming insolvent or entering receivership. However this is number represents a decrease of almost a quarter (24.6 per cent) on the same quarter in 2014-15.

The figures released today were produced by independent statistical staff free from any political interference, in accordance with professional standards set out in the Code of Practice for Official Statistics.

(Source - AiB Statistics News)  

 

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