SCOTLAND must clamp down on its insolvency industry amid concerns of “potential mis-selling”, a new report warns.
More than a thousand debt-ridden Scots went bust last year – many losing their homes – despite entering in to legally binding deals arranged by under-regulated firms, according to the Govan Law Centre.
The Glasgow-based not-for-profit in an analysis of the industry said an “alarming” 15 per cent of all protected trust deeds, schemes designed to prevent full-scale sequestration, the Scottish equivalent of bankruptcy, were failing.
Official figures show that at nearly nine out of 10 deeds arranged by two companies ended in failure while, in contrast, two other companies helped all of their clients out o…
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