The total number of company insolvencies was comprised of 55 CVLs, 54 compulsory liquidations and five administrations. There were no CVAs or receivership appointments.

The total insolvency rate in Scotland in the 12 months to November 2024 was 53.2 per 10,000 companies on the effective register. This was down by 0.9 from the preceding 12 months ending November 2023.

Michelle Elliot, restructuring advisory partner at FRP in Glasgow, said: “A ramping up of insolvencies amid the festive season is a stark reminder of the perilous financial position many Scottish firms find themselves in.

“Insolvency levels, particularly liquidations, have remained high throughout the course of the year and, despite improving economic conditions – including lower levels of inflation and interest rate cuts – we anticipate them remaining so in 2025 as firms continue to carry unsustainable levels of debt.

“Increased National Insurance contributions will add to firms costs next year, and businesses in consumer-led sectors like retail, leisure and hospitality are likely to be at risk should Christmas trading prove underwhelming.

“The volume of administration appointments – which are more likely to impact medium to larger sized trading businesses than insolvent company winding ups – will be an important barometer of business health in Scotland over the next 12 months.”