Credit, collections & insolvency news
The Accountant in Bankruptcy, Scotland’s Insolvency Service that administers person insolvencies in Scotland has published its statistics for April 2020 which indicated that there were 976 personal insolvencies (bankruptcies and protected trust deeds (PTDs)) in April 2020.
Personal insolvencies decreased by 199 (16.9%) less than in April 2019.
Bankruptcies decreased by 71.6% in April 2020 when compared with April 2019.
PTDs increased by 8.5% over the same period. This increase may be influenced by the large number of trust deeds advertised in February 2020 (812) and March 2020 (773) and is important to note the majority of these trust deeds were advertised before the COVID-19 outbreak.
There were 354 approved Debt Payment Programmes (DPPs) under Debt Arrangement Scheme in April 2020 compared with 219 for April 2019, an increase of 61.6%.