Almost 400 people will face "financial Armageddon" and go bankrupt every week in 2013, an accountancy and business advisory firm has predicted.

Over both 2012 and 2013 about 20,000 Scots will either have been sequestrated or have taken out a Protected Trust Deed because of their debts, PKF said.

With the economy not improving, the number of personal insolvencies could remain at this "very high" level for the next few years, said Bryan Jackson, the firm's corporate recovery partner.

"With no improvement in the economy, employment insecurity rife and rising living costs, there is little sign of this level of personal insolvency reducing," he said.