Bankruptcy Levels In Scotland Hit Record High

	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 Record numbers go bankrupt in England and Wales over 55s more likely to experience debt problems than younger age groups People in their early thirties have biggest debts and are most likely to miss repayments Debt firms told to drop misleading TV and radio advertising 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	Number of Scots going bankrupt hits record high A record number of Scots are facing financial meltdown as the "buy now, pay later" culture continues to take its toll. Data published in the Edinburgh Gazette, the official newspaper of record in Scotland, shows that in the first three months of 2007, 1,609 Scots were sequestrated - a rise of almost 30% on the same period in 2006. Sequestration is the Scottish legal term for personal bankruptcy. And 2,251 Scots entered into a Protected Trust Deed, the Scottish equivalent of the Individual Voluntary Arrangement south of the border - a rise of 20% compared to the first quarter of last year. Financial advisers PKF, who analysed the latest statistics from the Edinburgh Gazette, the official publication for bankruptcies, said the figures were the direct result of unsustainable levels of debt on credit cards. Quoted in the Glasgow Evening Times, Bryan Jackson, corporate recovery partner at accountants and business advisers PFK, said, "The Scots love affair with debt has now spiralled completely out of control. We're continuing to see record numbers of people undertaking the ultimate action of declaring themselves bankrupt or having it forced on them by creditors." April 30th, 2007

More news

Record numbers go bankrupt in England and Wales

over 55s more likely to experience debt problems than younger age groups

People in their early thirties have biggest debts and are most likely to miss repayments

Debt firms told to drop misleading TV and radio advertising

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

Number of Scots going bankrupt hits record high

A record number of Scots are facing financial meltdown as the "buy now, pay later" culture continues to take its toll.

Data published in the Edinburgh Gazette, the official newspaper of record in Scotland, shows that in the first three months of 2007, 1,609 Scots were sequestrated - a rise of almost 30% on the same period in 2006. Sequestration is the Scottish legal term for personal bankruptcy.

And 2,251 Scots entered into a Protected Trust Deed, the Scottish equivalent of the Individual Voluntary Arrangement south of the border - a rise of 20% compared to the first quarter of last year.

Financial advisers PKF, who analysed the latest statistics from the Edinburgh Gazette, the official publication for bankruptcies, said the figures were the direct result of unsustainable levels of debt on credit cards.

Quoted in the Glasgow Evening Times, Bryan Jackson, corporate recovery partner at accountants and business advisers PFK, said, "The Scots love affair with debt has now spiralled completely out of control. We're continuing to see record numbers of people undertaking the ultimate action of declaring themselves bankrupt or having it forced on them by creditors."

April 30th, 2007

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