Trust Deeds & bankruptcies reach all-time high in Scotland

According to figures from the Insolvency Service, the number of personal insolvencies in Scotland reached an all-time high in 2009.

The number of personal insolvencies reached 23,482. This was made up of 14,356 sequestrations/bankruptcies and 9,126 Protected Trust Deeds (essentially the Scottish equivalent of IVAs).

Previously, the highest number of personal insolvencies seen in Scotland was recorded in 2008 – this figure stood at 19,912, which is around 20% lower than the figure for 2009.

Scottish residents struggling with unmanageable debts may be eligible for a different kind of insolvency, known as the Low Income, Low Asset (LILA) route into personal bankruptcy. Throughout last year, there were 8,775 LILAs in Scotland.

Related posts:

1. Trust Deeds & bankruptcies reach all-time high in Scotland
2. IVAs and bankruptcies in Northern Ireland at record high
3. IVAs and bankruptcies in Northern Ireland at record high
4. IVA news: personal insolvencies reach record high
5. Scottish homeowners face rising insolvency rate