This was comprised of 60 CVLs, 43 compulsory liquidations and six administrations. There were no CVAs and no receivership appointments.

The total insolvency rate in Scotland in the 12 months to June 2024 was 53.1 per 10,000 companies on the effective register. This was down by 0.6 from the preceding 12 months ending June 2023.

Michelle Elliot, restructuring advisory partner at FRP in Glasgow, said: “The number of insolvencies continues to stabilise, in line with improving economic conditions.

“However, we’re still seeing the long-term effects of years of challenging conditions work through supply chains, and businesses are still waiting for respite from high interest rates – something that’s been a key factor in insolvency trends as they go through refinancing processes.

“There’s good reason for optimism but insolvencies are still likely to remain elevated for some time. Management teams must continue to be vigilant and responsive to any signs of distress.”