'Steady As She Goes', Say The AIB's Latest Scottish Insolvency Figures, But Is There An Iceberg Right Ahead?

Author:Mr Amy McVey
Profession:Brodies LLP
 
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Covering formal insolvency processes entered into by individuals and other non-corporate bodies - i.e. Sequestrations (Bankruptcy), Protected Trust Deeds and Debt Payment Plans commenced under the statutory Debt Arrangement Scheme - and certain, devolved corporate processes - i.e. Liquidations and Receiverships - the broad theme was one of consistency, with (low) single-digit percentage variations in the number of each process entered into in this quarter as compared to the same quarter of the preceding year.

Summary of quarterly figures

While steady on an equivalent calendar quarter basis then, the cumulative position across H1 2017-12018 as compared to H1 2016-2017, based on higher volumes of personal insolvencies in Q1, is an increase of 8.5% in non-corporate but a decrease of 12% in corporate processes year on year.

It is worth noting that the AIB, with responsibility for devolved processes only, is not responsible for record keeping or reporting on Administrations or Company Voluntary Arrangements (CVA). Figures for these processes are maintained by The (UK) Insolvency Service (IS) and were published separately, on 27 October 2017. The IS statistics confirm that there were 19 Administration appointments (down 64% against the same quarter in 2016-17) and no CVAs (from 1 in the same quarter last year) in Scotland in the period July - September 2017.

The AIB's full publication on quarterly statistics can be found here

The IS's full publication on UK quarterly statistics can be found here

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