‘Bankruptcy is too easy’

By Jeff Salway
Published on 31/07/2012 15:09

Almost two-thirds of Scots think bankruptcy is too easy and 
allows people to get away with reckless spending, according to research out today showing a hardening of attitudes towards insolvency.

It was revealed this week that Scottish insolvencies are at their highest level since the end of 2009, with 430 people going bust every week.

But 63 per cent of Scots claim that most people could avoid bankruptcy if they were more prudent in their spending, a survey by insolvency trade body R3 found.

More than eight in ten of those questioned believe people take advantage of easy access to bankruptcy to clear debts caused by reckless spending. Almost six in ten said that if bankruptcy lasted longer than a year, people would be more careful with their cash.

John Hall, Scottish council member for R3, said: “There is clearly broad support for a move to distinguish the genuine hardship case from the reckless spender.”