Scottish business insolvencies rise whilst personal insolvencies remain static

Latest quarterly statistics have indicated that Scottish business insolvencies increased whilst personal insolvencies remained static in Quarter 1 (Q1) of 2023.

The figures showed that there were 297 total business insolvencies in Scotland in Q1, 41% higher than in the same quarter of 2022.

These business insolvencies comprised 113 compulsory liquidations, 176 CVLs, seven administrations and one receivership appointment. There were no CVAs.

The total liquidation rate in Scotland for the 12 months ending Q1 2023 was 49.5 per 10,000 active companies. This was up by 11.9 (from a rate of 37.7 per 10,000 active companies) from the 12 months ending Q1 2022.

In Q1 2023, there were 1,912 personal insolvencies in Scotland, similar to the same quarter of 2022.

The insolvencies comprised of 1,322 protected trust deeds and 590 bankruptcies (also known as sequestrations), of which 326 went into bankruptcy via the minimal asset process route.