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Q4 2014-15 Scottish insolvency statistics – R3 comments

Commenting on the Scottish Insolvency Statistics Q4 2014-15, Tim Cooper, Chairman of R3 in Scotland, the insolvency trade body says:


“The latest results are a continuation of the steady and prolonged decline in the number of personal insolvencies that we’ve seen over the last number of years.

“Falling oil prices and food costs, driven down by supermarket wars, should mean personal finances are improving. In this period of ‘non-flation’, and with wages reportedly on the increase, there is an opportunity for individuals to bring their debt under control.

“Indeed with personal insolvencies numbers at their lowest in ten years it appears many have been using these circumstances to do just that.”


“We are continuing to see a drop in the number of corporate insolvencies. In this period of low inflation and low interest rates, businesses can keep costs down and use the opportunity to take stock of their finances.

“While it is encouraging to see the numbers falling, the figures don’t tell the whole story. There are many businesses in distress who may not be taking the traditional insolvency route. In this market and economy, non-insolvency debt relief schemes and restructuring are becoming the norm, and formal insolvency procedures are much more the exception.

“There are also potentially thousands of ‘zombie’ businesses left over from the last recession that could still struggle when record low interest rates eventually rise.”

Notes to editors:

  • R3 is the trade body for Insolvency Professionals and represents the UK’s Insolvency Practitioners.

  • R3 comments on a wide variety of personal and corporate insolvency issues. Contact the press office, or see for further information.

  • R3 promotes best practice for professionals working with financially troubled individuals and businesses; all R3 members are regulated by recognised professional bodies
  • R3 stands for 'Rescue, Recovery, and Renewal' and is also known as the Association of Business Recovery Professionals.