Accountant in Bankruptcy (AiB) has published its latest figures which indicate that in October 2020 Scottish personal insolvencies decreased by 32%.
The figures show that there were 7,799 personal insolvencies in the year to the end of October 2020, 3,707 (32%) fewer than in the same period the year before. Bankruptcies decreased by 37% in the year to the end of October 2020 when compared with the same period the year before. PTDs decreased by 29.1% over the same period.
There were 2,699 approved DPPs under Debt Arrangement Scheme in the year to the end of October 2020 compared with 2,326 for the same period the year before, an increase of 16.%.
The introduction of new provisions on the statutory moratorium and the revised fee structures in place for accessing bankruptcy are part of emergency measures brought in by both the Coronavirus (Scotland) Act 2020 and the Coronavirus (Scotland) (No.2) Act 2020.
As at 31st October 2020, 799 applications for moratoria had been granted under the new powers.
In the period between 27th May and 31st October 2020, there were 1,095 new applications for bankruptcy which benefitted from the reduced application fee – 868 (79%) of which paid no application fee at all.