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Insolvencies fall in Scotland

The number of individual insolvencies in Scotland actually came down in the first three months of the year, according to recent figures from the Insolvency Service.

In Scotland, 5,175 people were declared insolvent in the first quarter of 2010. This was a decrease of around 10% on the figure from the previous quarter (and on the figure from the first quarter of 2009 as well).

2,033 of those people entered a Trust Deed. Of the 3,142 who entered sequestration (bankruptcy), 1,905 did so via the LILA (Low Income, Low Asset) route into bankruptcy.

Trust Deeds were also down around 10% on the figure from the previous quarter, but up 3% on the first quarter of 2009.

Sequestrations were down around 5% on the figure from the previous quarter, and down 17% on the first quarter of 2009.

The figures are quite different to those for England and Wales, where the overall number of insolvencies rose yet again - for the ninth consecutive quarter. In England and Wales, there were 35,682 individual insolvencies (18,256 bankruptcies, 11,782 IVAs (Individual Voluntary Arrangements) and 5,644 DROs (Debt Relief Orders)) in the first three months of the year.

And in Northern Ireland, the number of bankruptcies (and individual insolvencies as a whole) dropped at the start of the year, but the number of people entering an IVA was up - in fact, the number of people entering an IVA in the first quarter of the year was the highest quarterly figure ever recorded in Northern Ireland.

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