A record number of Scots will be made bankrupt in 2011, according to accountant and business adviser PKF.
The firm is predicting that final figures will show about 22,000 Scots were sequestrated (the Scottish term for bankruptcy) or took out a Protected Trust Deed (PTD) in 2010, or 425 a week, and that this year will see even higher levels of personal insolvency.
THE number of people who went bankrupt in Peterborough rose during 2010 making the city one of the worst for personal insolvency. Personal insolvency specialists, RSM Tenon predict that annual personal insolvencies over 2010 are likely to exceed the record level set last year of 134,132. With the upcoming increases in VAT and the inevitable rise in interest rates combined with the public sector cuts, RSM Tenon is predicting continuing record levels of personal insolvencies throughout 2011.
However, The Insolvency Service say that personal insolvency are starting to decline following a steady upward trend over the last ten years.
Confused… I just think 2011 is going to be another bumpy ride, which can only mean that business bankruptcy figures will be difficult to predict.
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