Corporate Insolvencies Up in Scotland

Contrary to reports about England and Wales, corporate insolvencies in Scotland has actually risen over the first quarter of 2010.  

Reports last week confirmed that business insolvencies in the UK fell by around 15% of the first three months of the year, meanwhile companies North of the border have seen a massive 32% increase.  This comes according to new figures by Accountant in Bankruptcy (AiB).

The figures show that a total of 282 notices of insolvency were submitted by Scottish companies from January through to March.

Rosemary Winter-Scott, spokesperson for AiB, said: "The increased number of company insolvencies reported in the last quarter may be an indication that Scottish businesses are experiencing difficulties but it is too soon to assume a trend. AiB will continue to report on developments."

Meanwhile, Scottish figures further contradicted the rest of the UK with personal insolvency.  Whilst England and Wales are seeing some of their highest figures ever and saw a huge rise last quarter, Scotland’s personal insolvencies fell by 9%.

Winter-Scott added: “We are very pleased to report a continued drop in the number of personal insolvencies for the third quarter in a row. This reflects the commitment by the Scottish Government and debt and insolvency service partners to make sure that those who need help can access it at the right time and at the right level for their circumstances.”

Posted at 03:22PM May 17, 2010 by Marc Stenton in Insolvency  |  Comments[0]