AiB reports rising insolvency rate

Personal insolvencies in Scotland rose by 12.6% in July-September 2019 compared with the same quarter a year earlier, official figures released by the Accountant in Bankruptcy (AiB) show.

There were 3,466 personal insolvencies (bankruptcies and protected trust deeds, or PTDs), compared with 3,077 in 2018, continuing the generally rising trend of the last few years.

A total of 1,178 bankruptcies were awarded during this quarter, up 1.6%, while PTDs increased by 19.4% to 2,288.

In addition 751 debt payment programmes were approved under the Debt Arrangement Scheme (DAS), compared with 636 in the same quarter of 2018-19, while the total repaid through DAS dipped from £9.2m to £9m.

The number of Scottish registered companies becoming insolvent or entering receivership increased slightly, with 235 companies becoming insolvent compared with 232 in the same quarter of 2018-19. Members’ voluntary liquidations (solvent liquidations) rose to 127 compared with 108 in 2018-19, an increase of 17.6%.

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