A recent report by PKF has predicted that a total of 25 Scottish businesses a week will become insolvent in 2012. This represents about 1300 Scottish companies.
Although, if you look at the statistics from 2010 and 2011 then this figure is much in line with previous years. However, The latest published quarter of 2011, Q3, shows that 361 companies in Scotland became insolvent, the highest recorded and a 46.2% increase compared with the third quarter of 2010. So it looks as if 2012 will be difficult year.
Take a look at our Scottish Company Rescue pages to see how we are different from many Insolvency practitioners in Scotland, in that we advocate the use of the Company Voluntary Arrangement as a primary way of rescuing companies. Yes, it does apply in Scotland although there are not Individual Voluntary Arrangements or IVAs in Scotland but Trust Deeds.
Talk to our man in Scotland, Derek Robinson. You can call him on 0131 242 0081 if you have any worries about your business.