AiB reports on the financial year

Accountant in Bankruptcy has today published its annual report for 2018-19.
 
The document outlines AiB’s accomplishments for the year and also features key statistics outlining the trends in debt solutions around Scotland.
 
Presenting another strong year, the Agency laid changes to corporate insolvency rules, updated diligence measures, and through stakeholder consultation continued a programme of review for the Bankruptcy and Debt Advice (Scotland) Act, the Debt Arrangement Scheme and protected trust deeds.
 
In addition to this, AiB carried out the required preparatory work to prepare for a “No Deal” EU Exit including the drafting and Parliamentary approval of the necessary legislative instruments.
 
Looking into the key statistics, figures showed a significant increase in personal insolvencies which were mainly driven by a 33% rise in protected trust deed numbers.
 
Approved Debt Arrangement Scheme debt payment programmes also increased by 10% with repayments through the scheme reaching around £37.0 million in 2018-19 alone.
 
Dividends from bankruptcy repaid £18.0 million to creditors while £24.0 million was paid out through dividends from protected trust deeds.
 
From an organisational perspective, AiB achieved eight of its ten key performance indicators measured in 2018-19. These measures continue to help refine and drive positive change to AiB’s internal and external facing processes.
 
The report shows total Agency expenditure for the year was mainly funded by income generated from fees and charges with the remaining net expenditure covered from the Scottish Government budget allocation.
 
The Agency also retained its Investors in People Gold accreditation status, demonstrating its commitment to its staff.
 
The full 2018-19 Accountant in Bankruptcy Annual Report and Accounts can be read here.
 
Further information regarding insolvency in Scotland, including legislation, can be found on the Accountant in Bankruptcy’s website www.aib.gov.uk
 
Contact
Allan Holmes, Web Development and Communications,  Accountant in Bankruptcy
Telephone: 0300 200 2629