The latest statistics from Accountant in Bankruptcy (AiB) for the first quarter of 2018/19 revealed that total personal insolvencies, including bankruptcy and protected trust deeds (PTDs), increased by 11.8% when compared to the same period for 2017/18 in Scotland.
However, the report found that bankruptcy awards are down 6.5% compared to last year with 1,236 awarded for the first quarter of 2018/19 (1 April to 30 June). There was a significant increase in PTDs, with 1,972 PTDs protected in the first quarter of 2018/19, up from the 1,547 protected in the same period last year.
Furthermore, the Scottish government’s Debt Arrangement Scheme (DAS), which allows people to take control of their finances and repay their debts without facing insolvency or further action being taken against them, also experienced an increase of 8.5% compared to the same quarter 12 months ago. In the first quarter of 2018/19, there were 648 debt payment programmes approved under DAS, compared to 597 in the first quarter of 2017/18.
A total of £9.5m was repaid through the scheme in the quarter, slightly higher than the £9.4m reported in the previous year.
Commenting on the findings, AiB chief executive Richard Dennis said: “While the number of individuals entering insolvency continues to be very much lower than 10 years ago, these figures clearly illustrate personal insolvencies remain on an upward trend from the first quarter of 2015-16.
“With consumer borrowing now surpassing the levels seen before the 2008 crash, we are leading an ambitious programme of reform to make sure the debt solutions offered by the Scottish Government remain relevant in today’s society.
“In particular, changes expected to come into force this October will make the Debt Arrangement Scheme a much more accessible and flexible option for some people who otherwise may see no alternative other than insolvency.”
The volume of Scottish corporate insolvencies increased during the quarter, rising to 245 from the 200 recorded last year. This figure was composed of three receiverships, 145 compulsory liquidations and 97 creditors’ voluntary liquidations.
Latest News
NEW BUILD IN FOCUS - NEW EPISODE OF THE MORTGAGE INSIDER PODCAST, OUT NOW
Figures from the National House-Building Council saw Q1 2025 register a 36% increase in new homes built across the UK compared with the same period last year, representing a striking development for the first-time buyer market. But with the higher cost of building, ongoing planning challenges and new and changing regulations, how sustainable is this growth? And what does it mean for brokers?
The role of the bridging market and technology usage in the industry
Content editor, Dan McGrath, sat down with chief operating officer at Black & White Bridging, Damien Druce, and head of development finance at Empire Global Finance, Pete Williams, to explore the role of the bridging sector, the role of AI across the industry and how the property market has fared in the Labour Government’s first year in office.
Does the North-South divide still exist in the UK housing market?
What do the most expensive parts of the country reveal about shifting demand? And why is the Manchester housing market now outperforming many southern counterparts?
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance, to explore how regional trends are redefining the UK housing, mortgage and buy-to-let markets.
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance, to explore how regional trends are redefining the UK housing, mortgage and buy-to-let markets.
The new episode of The Mortgage Insider podcast, out now
Regional housing markets now matter more than ever. While London and the Southeast still tend to dominate the headlines from a house price and affordability perspective, much of the growth in rental yields and buyer demand is coming from other parts of the UK.
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance.
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance.
© 2019 Perspective Publishing Privacy & Cookies
Recent Stories