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|AiB report shows creditors paid over £80 million|
|Monday, 19 September 2016|
Over £80 million has been repaid to creditors in the past year, according to the Annual Report and Accounts published by Accountant in Bankruptcy (AiB) today, Thursday 15 September 2016.
The Scottish Government Agency also recovered all of its costs through fees and income during the year, ensuring its work had no impact on the public purse during 2015-16.
Despite significant changes in legislation and the introduction of new routes into bankruptcy, as well as a new web-based application system, which resulted in a drop in numbers of insolvencies in the early part of the 2015-16 year, AiB was still responsible for returning significant sums to creditors.
£37.8 million was repaid through the Debt Arrangement Scheme, of which at least 90% is returned to creditors, the highest total in a single year since the scheme’s introduction in 2004. A record 1,297 debt payment programmes under the Debt Arrangement Scheme were completed, 44.9 per cent up on the previous year.
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