There were 1,675 personal insolvencies recorded in the fourth quarter of last year, less than the previous year, but a figure that is masking a potential steep rise in cases once Covid-19 support stops and courts return to full capacity.
Official figures from Accountant in Bankruptcy (AiC) showed that that 67% of insolvencies were from people taking out protected trust deeds (PTD), something that has been on the increase since 2014, but was stemmed off last year by the furlough scheme.
AiC recorded 1,114 PTDs in the last quarter of 2020, stating that this followed a similar pattern to bankruptcies, which decreased when compared with the same quarter in the previous year. There were 561 bankruptcies awarded in the last quarter last year…
Read the full article at: https://www.insider.co.uk/news/steep-rise-scottish-insolvencies-expected-24003618
