Number of Scottish people going bust rises by 25%
Originally posted by 5corpio
The number of people going bust in Scotland rose by a quarter in the first few months of this year, according to official figures.

The Accountant in Bankruptcy said more than 5,000 people were declared insolvent between April and June. That figure was up 25% on the previous quarter, but down 1% on the same period last year.

The number of people opting for the voluntary protected trust deed to help write off their debts rose up by 51%. A trust deed is an alternative to bankruptcy for people unable to repay their debts. It involves a monthly payment arrangement with some creditors and often involves some of the debt being written-off.

Meanwhile, the number of companies declared insolvent increased by 17% to 343 in the first quarter of 2011/12. Enterprise Minister Fergus Ewing said: "While these new figures mark an increase in personal bankruptcies this quarter, I am encouraged that there has been