There were a total of 158 corporate insolvency appointments in the three months to 30 September 2019 – down from 244 in the previous quarter and from 242 in the same period last year.

A total of 140 cases involved liquidation, as compared to 232 in quarter two. There were 18 administration and receivership appointments, up from 12 in the previous quarter while 43 cases were HMRC appointments, down from 93 in Q2.

Blair Nimmo, head of restructuring for KPMG, said: “With ongoing political and economic uncertainty increasing pressure on the UK’s retailers, there have been a number of particularly high profile administrations and liquidations in the last quarter, but our latest insolvency data offers up some cause for optimism.

“The latest quarterly data confirms a relatively minor rise in administrations, with liquidations and HMRC cases both down. The data appears to reflect a growing sense of resilience from the business community. Companies across all industries are now proactively addressing long-term issues and attempting to place themselves on a more sure financial footing, ahead of any impending challenges that issues including Brexit could create.

“From CVA proposals for retailers, to refinancing in other sectors, there are options for the business community, and they seem to be paying off for those Scottish firms that have opted to take a fiscally cautious approach.

“Nevertheless, these results are surprising in the context of Brexit, and the 31 October deadline, around which we are seeing an increasing level of concern across all businesses, and some specific sectors. With the outcome still unclear, the next quarter’s results should be interesting.”