Scotland at top of insolvency figures

17th August 2010

Scottish Government Ministers seem to be taking some comfort from the recent and reduced quarterly statistics for Scottish trust deeds and bankruptcies in Scotland.

However, an alternative analysis of 2009 figures throughout the UK presents a very different picture to that which the politicians would like the Scottish public to see.

Neil Faulkner, writing on the MSN Money website, analysed 2009 insolvency statistics through regions of the UK to compare the worst-hit and best-performing areas of the UK.

Surprisingly the best-performing area in the UK was Northern Ireland. A relatively modest 14 people out of every 10,000 adult residents entered into a form of insolvency

Less surprisingly, the best-performing area in England was London. 19 people out of every 10,000 resident adults went bankrupt or entered into an IVA (often described as the English equivalent of a Scottish trust deed) in 2009.

Wales came in at 32 people out of every 10000.

The geographic fringes of England struggled in comparison, with the South-West (36 out of 10000) and the North-East (38 out of 10000) suffering the worst figures.

The highest personal insolvency figures in the UK? You guessed it! Scotland leads the way with 39 out of every 10000 people in Scotland entering into a protected trust deed or bankruptcy in 2009.

Perhaps the most interesting comparison for Scotland is with the other devolved nations of Wales and Northern Ireland. Insolvency figures in both of these countries are considerably better than those seen in Scotland. Maybe the Scottish administration should look into how the administrations in these nations are dealing with the personal debt problems experienced by their residents?

It has been reported that the recent quarterly insolvency statistics in Scotland show some improvement over last year’s figures... but when you hear Scottish politicians taking credit for this it is important to remember that they may still be the worst in the UK.

For advice on Scottish trust deeds visit www.trust-deed.co.uk. We have forums and news articles so you can keep up with all the latest industry changes and fully research the area before you make any important decisions.

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