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Insolvencies in Scotland - new figures

The Accountant in Bankruptcy (AiB - Scotland`s Insolvency Service) has published official figures showing how many people in Scotland became insolvent in the last three months.

Between April and June 2010, 5,378 people in Scotland were declared insolvent. This was an increase of 4% on the previous quarter, but still a decrease of 15% on the same time period last year.

2,239 of them entered a Protected Trust Deed (largely similar to an IVA) - a 10% increase on the figure from the previous quarter, but 13% down on the figure from the same period in the previous year.

The other 3,139 entered bankruptcy, which means the number of bankruptcies had barely changed from the 3,142 we`d seen in the previous quarter. Compared with last year`s figure, though, there were 16% fewer bankruptcies.

Looking to the rest of the UK, we won`t see the latest insolvency figures for another fortnight - they`ll be published on Friday 6th August at 9.30am.

Right now, the most recent figures we have for England and Wales show that there were 18,256 bankruptcies, 11,782 IVAs and 5,644 DROs (Debt Relief Orders) in the first three months of this year.

In Northern Ireland, there were 316 bankruptcies and 238 IVAs in the first three months of 2010.