New figures released from Accountant in Bankruptcy (AiB) have showed that personal insolvencies in Scotland rose by an alarming 38.9% to 2,230 for the period of July to September 2015. The positive news is that despite this recent increase, the latest figures are still down 25% on the figures released for the same period last year.
The Scottish government has also issued a statement advising that the longer term trend of people seeking debt relief has continued to decline.
The insolvency data includes people who go bankrupt and those who use a protected trust deed (PTD) to repay their debts.
Over the quarter, a total of 965 people were declared bankrupt – up by 27.5% on the previous three months.
While personal insolvencies increased over the summer, the number of corporate insolvencies and companies entering receivership has dropped by 8.6% on the previous quarter. Only 180 werre declared insolvent during this latest accounting period.
The BBC News website has reported that Scottish Finance minister Fergus Ewing has said
“The longer term trend of people falling into financial difficulty and seeking debt relief continues to be a declining one, which will be welcomed by everyone who wishes to see Scotland prosper.
“Fewer businesses becoming insolvent also means more people can remain in work, which is good news for industry and provides further evidence that Scotland’s economy goes from strength to strength.”
