Credit Today reports that recent statistics from the Accountant in Bankruptcy (AiB), the government agency that administers the insolvency regime in Scotland, have revealed that:
- A total of £36.8 million was returned to creditors through Scotland’s debt arrangement scheme (DAS) in 2014/15.
- 896 DAS were concluded in 2014/15 and the number of schemes increased 73% compared to 2013/2014.
In addition, total personal insolvencies in Scotland, which include bankruptcies and protected trust deeds, fell sharply during the year by 19%, a total of 167 down from 13,793 for 2013/2014.
Dr Dennis, the new chief executive of AiB said, “Despite a decrease in applications across all formal debt relief and debt management products, it is positive to see the amount repaid to creditors continues to increase year-on-year.”