Debt in Scotland: number of insolvencies falls

23 October 2009

Insolvency statistics published by the Accountant in Bankruptcy (AiB) show that the number of Scottish residents declared insolvent in the second quarter of 2009/10 was 8% lower than in the previous quarter and 4% lower than it was in the same period last year.

There were 5,767 personal insolvencies in the second three-month period - made up of 3,504 bankruptcies and 2,263 Protected Trust Deeds.

The decrease in personal insolvencies may suggest that fewer Scottish residents are having to deal with unmanageable debt.

According to heraldscotland.com, the Minister for Community Safety in Scotland, Fergus Ewing, promised that ministers would do all they can to "support Scottish business and families during these tough times".

He said that that "includes our work to make sure people who are struggling with unmanageable debt get the help and support they need."

Mr. Ewing said the Scottish Government was offering help to people in debt by `extending protection through schemes like the Low Income Low Asset (LILA) route into bankruptcy, which provide debt relief to people who were previously struggling to pay their bills`.

Tags: insolvency, scotland, debt, scotland debt, debt scotland, debt management scotland, trust deed, trust deeds scotland, scotland trust deeds

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