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Scotland set for bankruptcy surge

Published on 4 Jan 2010 under category: legal

Thousands of people will be declared bankrupt in Scotland next year, a new study has suggested.

Research by business advisory firm PFK suggested that there will be 24,000 insolvencies in 2010 north of the border.

This comes after more than 17,000 Scottish people were made bankrupt in the first nine months of 2009.

Bryan Jackson, a partner with PFK, suggested that the country's "love affair with debt" could be behind high numbers of bankruptcies.

He explained: "Given that Scottish personal insolvency currently runs at twice the rate of England and Wales it is clear that the situation is going to continue to be problematic for many people in the coming year."

The news comes shortly after Mike Weir, the Scottish National Party's spokesman for regulatory reform, said that the government should examine the insolvency regulations.

He suggested that the current system appears to be "raking in a fortune at the expense of creditors".

If you require advice on Insolvency and Bankruptcy please call us on +44 (0)20 7831 0101 and ask for Katherine Sillett.