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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 Citizens Advice Bureau reports sharp rise in debt problems |
24,000 more Scots to go bankrupt during 2010 2nd January 2010 24,000 Scots will declare bankruptcy during 2010, according to one of the UK's biggest firms of accountants and business advisers. PKF believe that one out of every 200 adults in Scotland faces financial ruin during 2010 even if the economy improves, and it is warning that similarly high numbers of personal bankruptcies could continue for years to come because of the high level of personal debt north of the border. A similar record number of people were made bankrupt in Scotland during 2009. but the number of bankruptcies has almost doubled since 2007 and increased by fivefold since 1998. "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," said Bryan Jackson, corporate recovery partner with PKF. "Whilst there are signs that the overall bankruptcy numbers are flattening out at around 24,000 people per year, this is an astonishing level of personal insolvency. The sad news is that this is a pattern which is likely to be repeated, not just in 2010, but for many years. "Some may argue that this is due to the easing of the process of insolvency, but this still indicates a very high level of personal indebtedness which new methods only highlight rather than explain."
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