§ Mr. Peter DuncanTo ask the Secretary of State for Trade and Industry what her assessment is of the trend in company insolvencies in Scotland. [82431]
§ Mrs. LiddellI have been asked to reply.
Official data indicates that company insolvencies in Scotland have generally been on an upward trend since 1995. The latest figures released show there were 184 company liquidations in the third quarter of 2002, bringing the cumulative total for the year thus far to 599. The estimated number of company insolvencies for the full year is 800, indicating an increase of around a third on the previous year. New company formation has also increased over the same period.
The number of companies becoming insolvent in Scotland represents less than 1 per cent. of those registered and this proportion has remained fairly constant over recent years.