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Sharp increase in number of personal insolvencies

New figures released by the Scottish Government have shown a drastic increase in the number of personal insolvencies and bankruptcies between April and June this year.

The Accountant in Bankruptcy (AiB) confirmed that there were 2,839 personal insolvencies in the first quarter of 2017-18, compared to 2,420 in the same quarter last year – an increase of 17%.


Of those 1,289 were bankruptcies, an increase of 11% on the year before.


The figures show just how much some are struggling, and the Scottish Conservatives have called on the SNP Government to do more to help Scots deal with personal debt.

 

Scottish Conservative shadow finance secretary Murdo Fraser MSP said:
 

“It’s incredibly worrying to see such a sharp increase in the number of Scots going bankrupt.


“Given the lacklustre growth in the Scottish economy over the last year, we are starting to see the consequences of it as more and more people are struggling in a sea of debt.


“These individuals will be going through an incredibly tough time and it is incumbent upon the Scottish Government to do all they can to support them.


“One step the SNP could take immediately would be to boost long-term economic growth and job creation by reversing their tax hikes that have made Scotland the highest taxed part of the UK.

 

Ends
 

Notes to editors

There were 2,839 personal insolvencies (bankruptcies and protected trust deeds (PTDs)), up from 2,420 personal insolvencies in the same of quarter of 2016-17, an increase of 17%.
There were 1,289 bankruptcies awarded during this quarter, a 11% increase on the same quarter in 2016-17. The number of PTDs increased by 23% to 1,550 over the same period.
https://news.gov.scot/news/scottish-insolvency-statistics-april-to-june-2017-2017-18-quarter-1

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