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bankruptcy

August 29, 2011

Number of Scottish people going bust rises by 25%

The number of people going bust in Scotland rose by a quarter in the first few months of this year, according to official figures.

The Accountant in Bankruptcy said more than 5,000 people were declared insolvent between April and June.

The number of people opting for the voluntary protected trust deed to help write off their debts rose up by 51%.

Read the full article at bbc.co.uk

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July 6, 2011

Debt experts warning over rising bankruptcy costs

The rise in the cost of going bankrupt could discourage people with financial problems from seeking a solution, debt experts are warning.

The fee for petitioning for bankruptcy rose by £75 to £525 at the start of June and with the court fee added on, the total upfront cost is £700.

The Insolvency Service said the increase was needed to cover the cost of administration.