The Insolvency Service has published its latest figures which indicate that in October 2020 Scottish company insolvencies decreased by 47%.
The figures show that. In October 2020 there were 44 company insolvencies in Scotland, a reduction of 47% in comparison to October 2019.
The insolvency figures comprised of 11 compulsory liquidations, 27 CVLs, five administrations and one receivership appointment. There were no company voluntary arrangements.
Historically the volume of company insolvencies in Scotland have been driven by compulsory liquidations. However, since April 2020 the numbers of CVLs have been higher than compulsory liquidations in six out of seven subsequent months including the most recent month.