Scottish Insolvency-Related Activity Up by Nearly a Third

The number of Scottish businesses experiencing insolvency-related activity jumped over 32% in December 2022, compared to the same period in 2021, reported. Insolvency and restructuring trade body R3's analysis of data provided by Creditsafe showed that there were 142 cases of insolvency-related activity - which includes liquidator appointments, administrator appointments and creditors’ meetings - in Scotland last month – an increase of 35 activities from December 2021’s total of 107. Scotland saw the largest year-on-year increase in insolvency-related activity compared to the rest of the regions and nations in the UK. Insolvency-related activity peaked in December to the second-highest figure of the year, falling only behind March, when 201 activities were recorded. Richard Bathgate, chair of R3 in Scotland and restructuring partner at Johnston Carmichael, said: "More and more directors are turning to insolvency processes to resolve their financial issues in the face of rising costs, low consumer confidence, and ongoing economic turbulence. Read more.