These included 48 compulsory liquidations, 59 creditors’ voluntary liquidations (CVLs), and 2 administrations. This puts the overall insolvency rate in Scotland for the year ending April 2024 at 52.7 per 10,000 companies, a slight increase of 0.6 from the previous year.

Michelle Elliot, restructuring advisory partner at FRP in Glasgow, said: “Sustained month-on-month growth continues to allude the Scottish economy for now but growth for broader UK plc and a fall in Scottish insolvencies suggests we are beginning to emerge from its lengthy post-Covid hangover.

“Firms must continue to be alive to the risk of insolvency though. Many are hopeful of a cut to the base rate materialising next month, however, the summer will continue to be turbulent with businesses still contending with the legacy of high interest rates, input costs and wage growth.”