Personal insolvencies in Scotland rise

Personal insolvencies in Scotland rose by 2.1 per cent in Q3 2017-18, according to figures released by the Accountant in Bankruptcy (AiB). 

While the number of bankruptcies fell, protected trust deeds (PTDs) increased to 1,602 over the same period.

Personal insolvencies

  • Bankruptcies and PTDs rose by 9 per cent compared with the previous quarter, and rose by 2 per cent compared with Q3 2016-17.

Tim Cooper, chairman R3 in Scotland, said:

“Consumer debt levels are still rising steadily, albeit at a less rapid pace than in the past, while inflation outpaced wage growth, leading to greater pressure on people’s finances. Fuel became more expensive over the second half of 2017, pushed by a rally in the price of crude oil, which will have had an impact on most households’ budgets, especially those in Scotland’s rural areas who depend on private vehicles for transport.”

Corporate insolvencies

  • Corporate insolvencies fell by 10 per cent in Q3 2017-18 compared with Q2 2017-18, and fell by 4 per cent compared with Q3 2016-17.

Tim went on to explain that company liquidations in Scotland recorded by the AiB have fallen after two quarters of increases, but aren't as low as January to March 2017, when 155 corporate insolvencies were registered, compared with 202 in these latest figures.

See for more details and commentary.