Scottish business insolvencies fall by almost a half

Scottish business insolvencies in November 2020 fell by almost half compared with November 2019 numbers.

The figures released by Accountant in Bankruptcy (AIB), Scotland’s Insolvency Service which administers company liquidations and receiverships in Scotland showed that in November 2020 there were 46 company insolvencies in Scotland, a reduction of 47% in comparison to November 2019.

The business insolvencies numbers comprised of 13 compulsory liquidations, 26 CVLs and 7 administrations. There were no company voluntary arrangements or receivership appointments.

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 seven out of eight subsequent months including the most recent month.