The latest figures suggest that individual insolvencies in 2019 reached its highest annual level in a decade, mainly driven by an increase in the insolvency mechanism; individual voluntary agreements (at its peak since their introduction in 1987). The total individual insolvencies have risen for its fourth consecutive year, now reaching 122,181.
There were also slight increases to the number of personal bankruptcies, whilst debt relief orders declined.
Looking further, more specifically into Q4, there was a fall in the total individual insolvencies compared to Q3, driven by a slight decline in individual voluntary arrangements (to 18,197). Bankruptcies decreased whilst debt relief orders increased this quarter compared to that previous.
And for Scotland?
There was an increase in individual insolvencies of 3.1 per cent since Q3 2019.
There was 656 individual insolvencies, this being a rise of 6.7 per cent compared to the same quarter the previous year.
Perhaps these findings can explain, or try to, the latest company insolvency statistics?