According to the Scotland on Sunday newspaper, one in 1,000 people in England or Wales will volunteer themselves for bankruptcy, while in Scotland the figures amounts to two in every 1,000.
Experts from Scottish accountancy Johnston Carmichael suggested that institutionalised borrowing large sums of money and a lack of responsibility among the young when it comes to credit card debt is to blame for the recent findings.
Johnston Carmichael’s Matt Henderson told the paper: “In Scotland you don’t have to involve a court and the fees are lower.
“It’s therefore a more attractive arrangement, and also viable for people with less money at their disposal.”
Claiming to be one of the top 25 companies of its kind in the UK, Johnston Carmichael now employs more than 300 people in its ten offices around Scotland.