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Scottish company insolvencies up by 22% in May
In May there were 118 company insolvencies registered in Scotland, 22% higher than during the same period last year.
This was comprised of 71 creditors’ voluntary liquidations (CVLs), 43 compulsory liquidations and four administrations.
There were no company voluntary arrangements (CVAs) and no receivership appointments recorded in the figures from Accountant in Bankruptcy, Scotland’s insolvency service.
Between 26 June 2020 and 31 May 2024, in Scotland, no moratoriums were obtained and two companies had a restructuring plan registered at Companies House.
The total insolvency rate in Scotland in the 12 months to May 2024 was 53.4 per 10,000 companies on the effective register. This was up by 1.3 from the preceding 12 months ending May 2023.
Michelle Elliot, restructuring advisory partner at FRP in Glasgow, commented: “While Scottish business confidence is strengthening, this data reflects the fact that these are still challenging and volatile trading conditions.
“Economic growth has flatlined again after a positive couple of months, and firms are still paying the price of high interest rates, which may very well be held again when the Bank of England meets on Thursday.
“While we expect that overall insolvency levels will start to stabilise this year, we could still see levels rise further in the immediate future.”
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