Quarter of Scots bankrupts under thirty
By Ian Fraser
The Sunday Times
August 5th, 2007
GROWING numbers of Scots under the age of 30 are going bust and the level of corporate insolvencies is at its second highest level in 10 years, according to new research from accountants PKF, writes Ian Fraser.
An analysis of figures released by the DTI last Friday, which showed a total of 13,952 Scots went bust in the year to June 2007, has shown that of the 3,500 people who went bankrupt in the second quarter of 2007, 24% were aged under 30.
Personal bankruptcies were 0.8% up on the first quarter of 2007, but 1.3% down on the second quarter last year. However PKF partner Bryan Jackson said “they remain at record levels”.
Even though the number of Scottish firms going into liquidation in the second quarter is more of less static, annualised figures are more disturbing.
“Corporate insolvencies appear to have stabilised at 165 in the second quarter,” Jackson said. “But if the numbers for the first two quarters were annualised, there were 662 liquidations for the year, the second-highest figure in a decade.”
“While we’re not seeing the levels of corporate insolvency witnessed in 2002, there are signs the figures are rising. It appears the economy peaked a year or so ago and is now in slight decline.”
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