Number of personal insolvencies in Scotland is lowest in a decade, Trust Deed Scotland reports
Encouraging figures from the Accountant in Bankruptcy (AiB) show that the annual total number of personal insolvencies, which includes both bankruptcy and Protected Trust Deeds, has fallen by 19.1 per cent. It is now at the lowest level seen in ten years.
The statistics from the AiB also show that the number of personal insolvencies filed in the latest quarter leading up to the 31st of March 2015 saw a drop of 2.4 per cent on the previous quarter. The number of Scottish-registered companies becoming insolvent is also down, with a total of 8.2 per cent less insolvencies than the total for 2013-2014 – the lowest level in seven years.
Business Minister Fergus Ewing has commented on the report, saying: “These are extremely encouraging numbers which illustrate that Scotland’s recovery continues to gather pace. We are now looking at levels of sequestrations and companies going to the wall that haven’t been seen since before the global recession.”
Trust Deed Scotland, a free service offering debt advice for Scottish citizens, takes a keen interest in reports such as this. A spokesperson for the company commented on the report, saying “These figures are certainly encouraging for the people of Scotland. More and more people are managing their debts more successfully, and Scotland’s economy as a whole is growing stronger once more.
“However we’re not out of the woods just yet – the report also showed that £36.8 million had been collected in DAS repayments over the last year. While this is a rise of over 20 per cent from the year previous, we know that there are plenty more Scots out there struggling with debt who could benefit from a DAS or a Trust Deed. If you’re struggling with debt make sure you seek independent expert advice today.”
Trust Deed Scotland®Ltd is a leading debt advisory service for Scottish residents. They are 100% owned and operated in Scotland, with a 98% trustpilot rating owing to their free, qualified debt advice. They are able to advise on the suitability of Trust Deeds and a number of alternatives, including The Debt Arrangement Scheme, Debt consolidation and Sequestration.