Michelle Elliot

The total number of company insolvencies was comprised of 55 CVLs, 57 compulsory liquidations and six administrations. There were no CVAs or receivership appointments.

The total insolvency rate in Scotland in the 12 months to March 2025 was 51.7 per 10,000 companies on the effective register. This was down by 1.4 from the preceding 12 months ending March 2024.

Michelle Elliot, restructuring advisory partner at FRP in Glasgow, said: “These figures reflect the incredibly challenging global operating landscape, as well as the impact of diminished appetite from would-be investors. 

“In the past, distressed companies might have been able secure fresh capital or a strategic sale to buy themselves more runway or even drive a turnaround. It’s increasingly difficult to do that today.

“The impact on global liquidity markets over the last few months has meant investors are more discerning about where they’re putting their money and generally have less appetite for risk. This makes it even more important for management teams to ensure they have a sufficient cash runway to review their full range of options as soon as they identify issues, and to seek expert advice if necessary.”