Thu, 26 Apr 2012 | BUSINESS NEWS
About 400 Scotland-based businesses have failed so far this year, the Accountant in Bankruptcy (AiB) has found out.
A total of 385 notices of Scottish-registered firms entering receivership or being made insolvent, were received by the AiB in the first quarter this year, Insolvency Today reported.
The figure is a substantial 37.5 per cent increase on Q4 of 2011, and a 30.9 per cent jump on the result for Q1 2011.
On a weekly basis this means that about 30 companies failed in the first 13 weeks of 2012.
Commenting on the situation Bryan Jackson of PKF, said firms are closing down as they can’t “see an end to the economic gloom”.
“There will undoubtedly be businesses which have used up years of cash reserves to stay afloat but have now found they are unable to carry on due to the relentless lack of an upturn in the economy,” he said.
“The news that the UK economy has fallen into a double-dip recession is unlikely to surprise any of the business owners who have gone bust in the first three months of this year.”
The rate of personal insolvencies in Scotland has also increased in Q1 2012 by 14 per cent on the same quarter last year.
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