Edinburgh, Scotland (PRWEB) February 21, 2013
The latest statistics from the Accountant In Bankruptcy shows that personal insolvencies, which include protected trust deeds and sequestrations, has decreased substantially by 24.5% compared to the same period last year and 27.5% over the previous quarter.
The cause of the large drop in personal insolvency can be attributed in the main to a fall in sequestrations being undertaken. There were 1,859 sequestrations in the second quarter of this financial year, a drop of 44% since quarter one and 35% decrease over the same period in the previous year. The reason for the large drop is likely to be the changes in fees that came into effect in June, which doubled the cost of applying for sequestration from