Wednesday, 10 April 2013

Scottish Insolvencies in big fall in early 2013.


There has been a significant fall in the number of winding up petitions issued by HMRC in Scotland that has meant there has been a fall of 46% in the number of insolvencies of Scottish companies in the first 3 months of the 2013.

Figures published  by accountancy firm KPMG show the number of liquidations – which usually affect smaller companies – fell by 54 per cent year on year to 122 during the first quarter.

Many accountants in the last few months have suspected that the HMRC in Scotland had run out of money to chase businesses for unpaid tax.  This suggestion has been dismissed by the service and now accountants are waiting to see if they will crank up the pressure in the new tax year.

Blair Nimmo of KPMG warned: “These figures could also be viewed as slightly misleading. The key factor in the downward trend, especially in relation to liquidations, is the very significant drop in HMRC appointments.”

However, all in all, it looks like the economic situation is improving for Scotland's businesses as banks have reported less distressed businesses.

The Accountant In Bankruptcy (AIB) Scotland's equivalent of the Insolvency Service will publish fuller statistics on the 24th of April.

We are currently working for a number of clients in Scotland using the  CVA technique to restructure debts. For more information see our company rescue in Scotland pages.

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