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Scottish bankruptcies on the rise, new figures suggest
17/10/2008
The number of consumers declaring themselves bankrupt in Scotland has risen significantly this year, new figures reveal.
According to statistics released by Accountant in Bankruptcy (AiB), there has been an increase of 162 per cent in the second quarter of this year compared to the same period in 2007, the BBC reports.
In total, there were 4,055 bankruptcies in the country over the three months, a rise of 42 per cent from the first quarter of 2008.
The increase is said to have been precipitated by a change in the law earlier this year which made it easier for people on low incomes to become bankrupt.
Under the Bankruptcy and Diligence Act (2007), consumers can register with AiB and have their financial problems addressed, without having to wait for a creditor to pursue legal action against them.
An agency of the Scottish government, AiB supervises the process of bankruptcy and acts as a trustee when appointed by the court.
