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Insolvency Law

Expert guidance on all aspects of corporate and personal insolvency

28 APR 2011

Newsround(up): Insolvency items in the (predominantly Scottish) news

The Herald Scotland has published an interesting piece entitled: "Stop cashing in on insolvency". The piece focuses on the recent high profile payments to PWC, etc. Insolvency, and insolvency practitioners (IPs) are such an easy target for journalists. The purportedly unfathomable question of "high can one make profit from insolvent estates?" gets wielded out every now and then, particularly during the slow news story periods. If only the journalists would look (constructively) behind the headline figures and examine what the IPs are actually doing for the levels of remuneration that they receive. If they did this then we might get some interesting analysis.  Elsewhere the same paper is reporting that insolvency is increasingly hitting the poor. Whilst slightly inconsistently the BBC is reporting that Scots personal insolvencies are falling. I prefer Aunty's approach as the figures are drawn from official sources. The article notes:

"According to the Accountant in Bankruptcy (AiB), 4,262 people were declared insolvent between January and March - a drop of 7%.

However there was an 8% increase in the number of people declared bankrupt.

Meanwhile the number of companies going bust rose by 11% in the first quarter and increased by 4% compared with a year ago.

Insolvency is when an individual or firm has no means to repay debt, whereas a bankrupted person or firm has assets to sell in order to pay off the debt."

Do also check out Accountancy Age's piece on the upcoming president.

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