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Trust Deeds – Scottish Bankruptcies Rise
In January, February and March 2009 there were over six thousand scots declaring themselves bankrupt or opting for a protected trust deed. Scottish personal insolvencies are continuing to rise too.
The Accountant in Bankruptcy (AiB) said there were over three and a half thousand bankrupcies declared which was 31% more than 2008. With a 30% increase compared to the last quarter, and 36% up on last year, with over two and a half thousand protected trust deeds.
The sum of personal insolvencies represents a 33% rise on 2008′s figures. Many of the bankruptcy cases were appeals by borrowers to the AiB.
Most in this situation didn’t have much cash flow or capital, and were able to get into bankrupcy quicker because of a new measure brought in for exactly those types of people.
