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Trust Deeds & bankruptcies reach all-time high in Scotland

Posted in IVA News on 3rd March 2010.

According to figures from the Insolvency Service, the number of personal insolvencies in Scotland reached an all-time high in 2009.

The number of personal insolvencies reached 23,482. This was made up of 14,356 sequestrations/bankruptcies and 9,126 Protected Trust Deeds (essentially the Scottish equivalent of IVAs).

Previously, the highest number of personal insolvencies seen in Scotland was recorded in 2008 – this figure stood at 19,912, which is around 20% lower than the figure for 2009.

Scottish residents struggling with unmanageable debts may be eligible for a different kind of insolvency, known as the Low Income, Low Asset (LILA) route into personal bankruptcy. Throughout last year, there were 8,775 LILAs in Scotland.

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