The business failure rate in Scotland continued its decline in the three months to 30 September with total insolvency appointments down 23% on last year, new figures from KPMG show.
Total insolvency appointments dropped to 217 in the quarter, down from 282 last year and marking the third successive quarter insolvency rates have fallen in Scotland.
On a rolling 12-month basis, insolvency appointments in Scotland are down from 1,040 in the year to 30 September 2016 to 802 in the year to 30 September 2017.
Liquidations are down 24% from 931 to 7010 and administrations fell from 109 to 92 over the same period.
Blair Nimmo, KPMG's UK head of restructuring, said:
“Scotland’s corporate insolvencies continue to show encouraging signs when compared to the same period last year, with a marked fall in failing businesses both during the last quarter and in the last twelve months.
“It is difficult to detect any obvious sector weaknesses, with most companies understandably adopting a cautious approach to business, given the broader political and economic climate.”
Kenneth Gibson MSP added:
“Despite the uncertainties of Brexit looming, the Scottish economy remains in good health, with more companies surviving and thriving and the number of business at a record high of some 230,000.
“The business community is clearly working hard to cut costs, increase productivity and boost competitiveness. Despite the challenges ahead I am confident that we will come through it with a robust Scottish economy ready to face the future with confidence.”
ENDS
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