Credit, Collections & Insolvency News
The Accountant in Bankruptcy, Scotland’s Insolvency Service that administers person insolvencies in Scotland has published its statistics for June 2020 which indicated that there were 492 personal insolvencies (bankruptcies and protected trust deeds (PTDs)) 592 (54.6%) less than in June 2019.
Bankruptcies decreased by 57.9% in June 2020 when compared with June 2019. PTDs decreased by 52.8% over the same period. There were 251 approved Debt Payment Programmes (DPPs) under Debt Arrangement Scheme in June 2020 compared with 229 for June 2019, an
increase of 9.6%.
January to June 2019 comparisons that there have been 5,243 personal insolvencies in the year to the end of June 2020, 1,565 (23.0%) less than in the same period the year before.
Bankruptcies decreased by 38.4% in the year to the end of June 2020 when compared with the same period the year before. Whilst PTDs decreased by 14.4% over the same period. There were 1,662 approved DPPs under Debt Arrangement Scheme in the year
to the end of June 2020 compared with 1,330 for the same period the year before, an increase of 25%.
Accountant in Bankruptcy said that it is important to note that these provisional results will not be finalised until final validation. The late reporting of creditor petitions, in particular, may lead to differences between first provisional estimates and actual finalised figures.