There were 80 Creditors Voluntary Liquidations, up from 51 in the previous quarter and 172 compulsory liquidations, up from 129 the quarter before.
Members’ voluntary liquidations increased a staggering 113.5% since the quarter before and 62.4% since the same period in 2014. It’s likely the reason for this is the tax rate hike coming into force from April 2016. Directors wishing to close down their companies want to make the most of low tax rates and Entrepreneur’s Relief before then.
Below is a graph showing the level of corporate insolvencies in Scotland since 2009: