Scottish business insolvencies fall by 55%

The Accountant in Bankruptcy, Scotland’s Insolvency Service that administers company insolvencies in Scotland has published its statistics for April 2020 which indicated that there were 46 total company insolvencies last month.

The figures were a fall of 55% in comparison to April 2019.

The insolvencies comprised o 24 CVLs, 17 compulsory liquidations 4 administrations and one company voluntary arrangement.

There were no receiverships. In contrast to England and Wales, the volume of company insolvencies in Scotland have historically been driven by compulsory liquidations.

However, for the first time in this time series, the numbers of CVLs were higher than compulsory liquidations, as the numbers of compulsory liquidations fell by 74%, when compared to the same month as last year.