Doom and gloom records indicate that more than 20,000 Scottish residents could have their assets sequestered in year 2012. The rationale for this forecast is the number of job losses these past few years, ongoing job cuts and not-too-good state of the economy which have affected the Scots.
In year 2011 alone, there was a marked increase in the number of people who went bankrupt. Sequestration, a term for bankruptcy used in Scotland, has affected a big population. There was also an escalation in application for protected trust deeds. This trend of personal insolvencies is expected to persist this year and the coming years with more individuals, even the relatively affluent sector, fraught with, and unable to pay off, debt. Along with individual bankruptcies, forecast also includes about 1,300 business entities in the region going the sequestration route this year.
The expected escalated sequestration (bankruptcy) in Scotland is not a happy forecast. However, the presence of protected trust deeds as well as other insolvency protection alternatives provide individuals and businesses hope for debt relief.
