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Accountant in Bankruptcy

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Publication - Statistics

Scottish Statutory Debt Solutions Statistics: Annual edition

First published
2 August 2023
Last updated
2 August 2023 - see all updates
Topics
Debt Arrangement Scheme, Protected Trust Deeds, Bankruptcy, Corporate Insolvency

An experimental statistics publication for Scotland

Supporting documents

PTDs concluded

When the administration of a PTD is complete, the trustee must apply to creditors to be discharged.

In 2022-23, as Table 5 shows, 7,079 PTDs were concluded compared with 6,181 concluded in 2021-22. There were 5,421 cases (excluding all cases where only secured or preferred creditors were repaid) wound up and the division of funds following a trustee’s discharge during 2022-23. Of the 5,421 cases where ordinary creditor dividends are paid, 73.9% of cases paid at less than 25 pence in the pound, which is less than 77.6% of cases in 2021-22. 2.5% of cases paid at 100 pence in the pound plus interest, which is more than 2.0% in 2021-22.

Table 5: Balance of protected trust deeds by financial year and whether a dividend was payable or not
Financial year 2018-19 2019-20 2020-21 2021-22 2022-23 Annual change (%)
Live cases at the start of the financial year 25,964 26,030 30,029 32,773 32,056 -2.2%
New protected trust deeds registered 7,915 8,743 5,263 5,464 5,644 3.3%
New protected trust deeds concluded 7,849 4,744 2,519 6,181 7,079 14.5%
of which: Balancing item for total concluded 110 71 -5 0 1 [z]
of which: Form 11 102 39 8 16 3 -81.3%
of which: Form 7 7,637 4,634 2,516 6,165 7,075 14.8%
of which Form 7 only: PTDs in which the debtor is not discharged 1,660 1,186 889 679 1,137 67.5%
of which: No dividend was payable to ordinary creditors 1,887 1,372 1,011 972 1,656 70.4%
of which: Dividend payable to preferred creditors only 1 1 0 3 1 [z]
of which: Dividend payable to ordinary creditors 5,974 3,377 1,513 5,206 5,421 4.1%
Live cases at the end of the financial year 26,030 30,029 32,773 32,056 30,621 -4.5%
Source: Accountant in Bankruptcy

Note: [z] Not applicable as percentages have not been calculated where numbers are small or a data point is simply not applicable.

In 2022-23, a dividend was paid to creditors in 76.6% of cases concluded in year, a decrease on the proportion in the previous year (84.3%). Excluding PTDs where the debtor is not discharged, a dividend was paid in 91.2% of cases concluded - for which dividend information is available - in 2022-23.

Table 6 shows the distribution of funds collected and allocated at the discharge of the trustee between 2018-19 and 2022-23 for cases concluded. In 2022-23, almost £58.4 million was ingathered, 7.6% more than the total receipts in 2021-22. Overall, 39.7% of total receipts was payable to creditors through a dividend compared with 37.9% in 2021-22, meaning the majority of total receipts were allocated to administration expenses.

Table 6: Summary of statistics on distribution of funds for protected trust deeds concluded by financial year
Financial year of the trustee discharge date 2018-19 2019-20 2020-21 2021-22 2022-23 Annual change (%)
Mean dividends for all cases (pence in the £) 15.2 14.9 14.2 16.0 15.8 [z]
Mean administration expenses (£) 6,100 5,500 4,900 5,600 5,200 -7.1%
of which: Dividend payable to ordinary creditors 7,200 6,800 6,900 6,200 6,100 -1.6%
of which: No dividend payable to ordinary creditors 2,700 2,400 1,900 2,400 2,400 0.0%
Total administration expenses (£) 48,242,000 26,318,000 12,418,000 34,588,000 36,773,000 6.3%
of which: Dividend payable to ordinary creditors 43,177,000 23,030,000 10,490,000 32,292,000 32,861,000 1.8%
of which: No dividend payable to ordinary creditors 5,065,000 3,288,000 1,928,000 2,296,000 3,912,000 70.4%
Total payable to preferred creditors (£) 5,000 8,000 1,000 13,000 1,000 [z]
of which: Dividend payable to ordinary creditors 2,000 0 1,000 0 0 [z]
of which: No dividend payable to ordinary creditors 3,000 8,000 0 13,000 1,000 [z]
Total payable to ordinary creditors (£) 24,153,000 13,489,000 7,016,000 19,686,000 21,617,000 9.8%
of which: Dividend payable to ordinary creditors 24,153,000 13,489,000 7,016,000 19,686,000 21,617,000 9.8%
of which: No dividend payable to ordinary creditors 0 0 0 0 0 [z]
Total receipts ingathered (£) 72,400,000 39,815,000 19,435,000 54,287,000 58,391,000 7.6%
of which: Dividend payable to ordinary creditors 67,332,000 36,519,000 17,507,000 51,978,000 54,478,000 4.8%
of which: No dividend payable to ordinary creditors 5,068,000 3,296,000 1,928,000 2,309,000 3,913,000 69.5%
Source: Accountant in Bankruptcy

Note: [z] Not applicable as percentages have not been calculated where numbers are small or a data point is simply not applicable.

The average administration cost of a PTD that concluded with a dividend payable was £6,100 in 2022-23 compared with £6,200 in 2021-22.

For all PTDs including those with zero dividends, the mean dividend paid to ordinary creditors during 2022-23 was 15.8 pence in the £ compared with 16.0 pence in the £ in 2021-22.

In 2022-23, over £3.9 million was ingathered for PTDs concluded where no dividend was payable, compared with £2.3 million in 2021-22.

The average administration cost of a PTD that concluded with no dividend payable was £2,400 in 2022-23, the same amount as in 2021-22.PTD Form 7 and Form 11 performance

The Form 7 and Form 11 returns detail the trustee’s actual statement of realisation and distribution of estate under a PTD. The following tables summarise the performance based on this information from the Form 7 returns.

The percentage of cases where administration costs have increased by 25% or more includes PTDs where there has been increased complexity or a lack of co-operation from the debtor, requiring the trustee to commit more time to the administration in these cases.

The number of PTDs where a dividend was not paid to creditors increased in 2022-23 by 70.4%. A proportion of these cases were not concluded, therefore the debtor was not discharged from liability to pay the debts included in the PTD.

Table 7: Summary of Form 7 and 11 performance for PTDs concluded in 2022-23
Trustee organisation Number of PTDs Number of PTDs in which no dividend was payable Number of PTDs in which the debtor was not discharged Form 3 mean dividend (p in the £) Form 7 or 11 mean dividend (p in the £) Number of PTDs in which admin costs increased by at least 25%
Number of approved Form 7 7,075 1,654 1,137 18 21 882
Carrington Dean 4,924 1,138 814 17 18 788
Harper McDermott 1,016 181 102 20 26 15
Interpath Advisory 290 124 51 20 29 10
Azets 163 30 25 16 29 10
Begbies Traynor 145 41 18 17 20 11
Wylie & Bisset 138 27 23 16 27 9
Hanover Insolvency 103 13 13 16 19 3
Payplan Scotland 83 1 1 24 28 13
William Duncan 55 10 5 22 32 6
J3 Debt Solutions 44 39 39 22 92 1
YEG Insolvency 40 30 30 21 24 3
Others 74 20 16 26 31 13
Number of approved Form 11 3 3 [z] [z] 0 [z]
Source: Accountant in Bankruptcy

Note: [z] Not applicable as percentages have not been calculated where numbers are small or a data point is simply not applicable

First published
Wednesday, 2 August 2023
Last updated
Wednesday, 2 August 2023 -
All updates

  1. Statistics published

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