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Insolvencies fall in Scotland

Statistics from the Insolvency Service have revealed how many people entered a form of insolvency - bankruptcy/sequestration, an IVA (Individual Voluntary Arrangement), a DRO (Debt Relief Order) or a Trust Deed - in the second quarter of the year.

This time, Scotland was the `odd one out`, with lower figures than we`ve been seeing recently.

In England and Wales, the number of people entering bankruptcy was down by nearly a fifth on the previous quarter, but numbers of IVAs and DROs were up significantly, both reaching a new high.

In Northern Ireland, there were more personal insolvencies than we`ve ever seen in a single quarter. Compared with the other parts of the UK, the actual numbers are still quite low, but the 636 people declared insolvent last quarter in Northern Ireland represented an increase of around 13% both on the same period last year and on the first quarter of this year. There were 273 IVAs - the most ever seen in the country in one quarter.

In Scotland, however, the total number of personal insolvencies - 5,378 - was down almost 15% on the same time period last year, when there were a record 6,294 insolvencies in Scotland. The number of bankruptcies/sequestrations was down over 15% on the second quarter of last year, while the number of people entering a Trust Deed dropped nearly 13% in that time.

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The IVA Advisory Centre is a licensed Insolvency Practice, offering expert debt advice as well as IVAs and a comprehensive range of other debt solutions. If you are in debt and would like to explore your options, contact one of our advisers today.