Market Overview

Personal Insolvencies Down in Scotland; DAS Increasing


Insolvency specialists Wilson Andrews comments on the latest official figures released by Accountant in Bankruptcy, revealing that there were fewer personal insolvencies in the second quarter of 2012-13 than the same period last year, and that more people are turning to the Debt Arrangement Scheme (DAS).

Glasgow, Scotland (PRWEB UK) 1 November 2012

Responding to the official Scottish insolvency statistics released by Accountant in Bankruptcy (Aib) this week, insolvency specialists Wilson Andrews commented on the trends within those figures for the second quarter of 2012-13 (July to September).

"Personal insolvencies decreased significantly on both an annual and a quarterly basis, and more people successfully applied for the Debt Arrangement Scheme (DAS), a statutory debt management service run by the Scottish government," a spokesperson commented.

They continued: "Official figures show that there were 4,063 personal insolvencies in total over July, August and September this year. That represents a 24.5% decrease on the same period in 2011. There were also 27.5% fewer personal insolvencies than in the previous quarter (April, May and June 2012)."

"The fall in overall personal insolvencies has been partly attributed to the increase in the AiB bankruptcy fees in June this year. This is likely to have led to fewer debtor petitions for Bankruptcy in the second quarter and fewer people applying in the preceding quarter to avoid that fee rise.

"There were 1,859 bankruptcies in the second quarter. This is 43.8% fewer than in the first quarter - and a 34.9% decrease on the same period last year.

"2,204 individuals started a Protected Trust Deed during the second quarter. This represents a 3.8% decrease on the first quarter and a 12.7% decrease on the same period last year.

"So bankruptcies and Trust Deeds are down overall in number, but the number of people applying for debt management help with DAS has increased significantly."

"The number of Debt Payment Programmes which were approved under DAS in the second quarter of this year was up by 29.7% on the same period last year." It seems more people are now aware of the debt help that is available with DAS.

"A decrease in the overall number of personal insolvencies could suggest that the shape of the nation's finances is improving. The fact that more people are applying for DAS and fewer for insolvency could also suggest that debtors are applying for debt help earlier - i.e. before it gets to the stage where they could never repay their debts in full."

The Minister for Energy, Enterprise and Tourism, Fergus Ewing, welcomed the latest insolvency figures. He commented: "I am pleased to see that the Debt Arrangement Scheme continues to see an increase in debt payment programmes approved, following AiB's continuing efforts to raise awareness of the Scheme and its benefits. The freezing of interest and charges for debtors and a return of at least 90% for creditors makes this a good option for both parties."


Notes to Editors

Wilson Andrews provides expert, confidential advice to Scottish residents and is a Trust Deed expert. For more information, visit the Wilson Andrews website at


Melanie Taylor
Wilson Andrews
Tel: 0845 056 6480

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