So, like, there’s been an increase in Scottish businesses going bust, you know, facing bankruptcy and stuff because of tough economic times. According to Accountants in Bankruptcy (AiB), there were 1,175 corporate insolvencies in 2024-2025, which is, like, more than the previous year.
Like, I’m not really sure why this matters, but apparently HMRC is all about getting that money back, being the biggest creditor trying to recover money. Private sector peeps are also jumping on the bandwagon to sort out their own finances.
Tim Cooper, the big shot at R3, said firms are all about just staying afloat, not growing. Probably because dealing with National Insurance and Minimum Wage hikes is too much for them. Economic growth is slow, and firms are facing increased costs and weak demand. Tough times, man.
Anyway, there were fewer personal insolvencies in 2024, which is good news, I guess. But people are still struggling with high costs of living, cutting back on spending, and worrying about the future. Housing costs are a major issue, especially with the end of the rent cap. It’s a tough time for everyone.
