Scottish Corporate Insolvencies See 41% Increase in September
Scotland witnessed a significant rise in corporate insolvencies, with a 41% increase in September compared to the same month last year.
According to the latest figures from Accountant in Bankruptcy, there were 103 company insolvencies registered, comprising 50 company voluntary liquidations, 48 compulsory liquidations, and five administrations.
- 50 company voluntary liquidations
- 48 compulsory liquidations
- 5 administrations
There were no company voluntary arrangements or receivership appointments during this period.
Michelle Elliot, restructuring advisory partner at FRP in Glasgow, stated that next month's Budget will be decisive in shaping the near-term operating landscape.
The total insolvency rate in Scotland for the 12 months to September was 52.2 per 10,000 companies, a decrease of 0.3 from the preceding 12 months.
Author's summary: Scottish corporate insolvencies rose 41% in September.