Corporate insolvency numbers rise in Scotland

Aug 03, 2013 12:00 AM

The number of corporate insolvencies increased by 20% in Scotland in the second quarter, in a sign that conditions remain tough for many businesses.

However, the number of firms going into some form of insolvency proceeding fell by 58% compared to the same quarter last year.

Figures compiled by the official Insolvency Service show there were 197 corporate insolvency proceedings in Scotland in the three months to June, up from 164 in the first quarter.

The data may temper any optimism that was encouraged previously by news that the number of insolvencies in Scotland fell by 27% in the first three months of 2013, compared with the final quarter of 2012.

Matt Henderson, head of business recovery and insolvency Services at Johnston Carmichael chartered accountants, highlighted the fall in insolvencies in the latest quarter compared with the same period of 2012.

Noting signs the economy was growing again, he said: "This drop implies an improvement in trading conditions for the second three months of 2013."

However, he added: "These latest statistics could also be the result of struggling companies receiving greater support from their creditors, which are allowing them to trade longer in the hope they can eventually emerge from their current difficulties."

Some 158 firms went into liquidation in the second quarter in Scotland, compared with 113 in the preceding three months.

Only 39 businesses went into receivership or administration, or entered a Company Voluntary Arrangement with creditors, compared with 51 in the preceding quarter.

The number of individual insolvencies increased 15% in the quarter to 3,999 from 3,486 in the previous three months. Indvidual insolvencies fell 29% compared with the second quarter of 2012.

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