The latest data from the Insolvency Service showed this was comprised of 71 CVLs, 43 compulsory liquidations and 4 administrations. There were no CVAs and no receivership appointments.

The total insolvency rate in Scotland in the 12 months to May 2024 was 53.4 per 10,000 companies on the effective register. This was up by 1.3 from the preceding 12 months ending May 2023.

Michelle Elliot, restructuring advisory partner at FRP in Glasgow, said: “While Scottish business confidence is strengthening, this data reflects the fact that these are still challenging and volatile trading conditions.

“Economic growth has flatlined again after a positive couple of months, and firms are still paying the price of high interest rates, which may very well be held again when the Bank of England meets on Thursday.

“While we expect that overall insolvency levels will start to stabilise this year, we could still see levels rise further in the immediate future. Management teams need to remain vigilant, and be proactive in seeking support at the first signs of difficulty.”