Rise in bankruptcy levels expected for Scotland
Rise in bankruptcy levels expected for Scotland
Friday 2nd January 2009
PKF's analysis of recent insolvency figures suggest that the number of people declaring bankruptcy or entering into formal debt agreements such as IVAs in Scotland will increase by about 25 per cent on last year's level.
More bankruptcies are expected throughout the UK this year as unemployment increases and the economy continues to slow.
Bryan Jackson, a corporate recovery partner for PKF in Glasgow, said the bankruptcy figures illustrated an "astonishing level of indebtedness" among Scottish residents.
He added: "This is a clear indication that, over the last few years, there has been a degree of unreality about the way people have financed their lives."
"The sad news is that this is probably only the beginning."
A recent report by KPMG states that the number of British people filing for insolvency will increase by 50 per cent this year.
News article brought to you by SimpleIVA - UK IVA specialists.
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