Protected Trust Deed statistics for 2010

07th August 2010

The statistics for Scottish insolvencies in the first quarter of 2010 have recently been published. These official statistics from the Accountant in Bankruptcy include both protected trust deeds and bankruptcies.

Encouragingly the overall statistics reveal a 16% reduction in personal insolvencies compared to the same period last year. Bankruptcy figures were also down 16% whilst protected trust deed figures were down by 13%.

In addition there were 495 Debt Payment Programmes approved under the Debt Arrangement Scheme (DAS), which represents a 60% increase over the same period last year.

Official figures are not available for the number of people in Scotland who entered into debt management plans.

Fergus Ewing, Minister for Community Safety, commented:

“I am pleased to see that the total number of personal insolvencies, which includes both bankruptcies and protected trust deeds, is significantly less compared to the same quarter last year and that the number of bankruptcies remains similar to the figures of the previous quarter”.

Businesses continue to struggle in the current economic environment. The number of organisations entering liquidation or receivership increased compared to both the previous quarter and the corresponding period last year.

So although the signs for individuals may be reassuring, things are still looking ominous for businesses. However, never rush into accepting the first offer of help you receive. A quick read of the protected trust deed forum at www.trust-deed.co.uk reveals this can be a very costly mistake.

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