Number Of People Going Bankrupt Scotland 2007

	Do you live in Scotland? As Scotland has its own legal system, distinct from that of England and Wales, laws relating to bankruptcy are different too. In Scotland, personal bankruptcy is known as sequestration.

More news Bailiffs to get more powers but not much needed regulation Citizens Advice warns Citizens Advice Bureau reports sharp rise in debt problems Record number of people going bust - and it's set to get worse More than a million householders use credit card borrowing to pay their mortgage or rent Number of CCJs issued hits ten year high Number of Scots going bankrupt hits record high	Bankruptcies rocket in Scotland with introduction of LILAs The first three months of 2009 have seen a 158% surge in the number of awards of bankruptcy in Scotland compared to the same period last year. There were 5,693 individual insolvencies in Scotland during the first quarter of 2009, a decrease of 2% on the previous quarter, but an increase of 71% on the same period in the previous year. Of those, 3,722 were awards of bankruptcy, while Protected Trust Deeds (PTDs) made up the balance of 1,971. The big increase in the number of bankruptcies was attributed to the introduction of Low Income, Low Asset (LILA) in April of last year which offers a new route into bankruptcy for people who have low income and low assets. Some people were previously unable to make themselves bankrupt unless they were apparently insolvent, but with a LILA, people who meet the relevant criteria can apply for their own bankruptcy without proving apparent insolvency or having creditor concurrence. Protected Trust Deeds (PTDs) are voluntary arrangements, where the debtor passes his estate to an insolvency practitioner who arranges to repay part of the debt to creditors on the debtor's behalf. This is similar to Individual Voluntary Agreements (IVAs) in England and Wales, although there are important differences in the way they are set up and administered. April 26th 2009

More news

Bailiffs to get more powers but not much needed regulation Citizens Advice warns

Citizens Advice Bureau reports sharp rise in debt problems

Record number of people going bust - and it's set to get worse

More than a million householders use credit card borrowing to pay their mortgage or rent

Number of CCJs issued hits ten year high

Number of Scots going bankrupt hits record high

Bankruptcies rocket in Scotland with introduction of LILAs

The first three months of 2009 have seen a 158% surge in the number of awards of bankruptcy in Scotland compared to the same period last year.

There were 5,693 individual insolvencies in Scotland during the first quarter of 2009, a decrease of 2% on the previous quarter, but an increase of 71% on the same period in the previous year. Of those, 3,722 were awards of bankruptcy, while Protected Trust Deeds (PTDs) made up the balance of 1,971.

The big increase in the number of bankruptcies was attributed to the introduction of Low Income, Low Asset (LILA) in April of last year which offers a new route into bankruptcy for people who have low income and low assets.

Some people were previously unable to make themselves bankrupt unless they were apparently insolvent, but with a LILA, people who meet the relevant criteria can apply for their own bankruptcy without proving apparent insolvency or having creditor concurrence.

Protected Trust Deeds (PTDs) are voluntary arrangements, where the debtor passes his estate to an insolvency practitioner who arranges to repay part of the debt to creditors on the debtor's behalf. This is similar to Individual Voluntary Agreements (IVAs) in England and Wales, although there are important differences in the way they are set up and administered.

April 26th 2009

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