The number of insolvency-related activities in Scotland has reached its highest level this year, according to new research from R3, the insolvency and restructuring trade body.
Its analysis of data provided by Creditsafe shows there were 122 cases of insolvency-related activity - which includes liquidator appointments, administrator appointments and creditors’ meetings - in Scotland during April.
These figures were the highest since December 2022 - when 142 cases were recorded - and 11.9% higher than March’s total of 109.
Scotland saw the highest monthly rise in insolvency-related activity of all the regions and nations in the UK in April.
Insolvency-related activity in Scotland was up year-on-year as well, with April 2023’s figures 32.6% higher than those recorded in April 2022.
Richard Bathgate, chair of R3 in Scotland, said: “The monthly and yearly rises in insolvency-related activity in Scotland reflect the challenging trading climate that many businesses are still experiencing post-pandemic.
“The high cost of living is affecting consumer spend, while at the same time the costs of rent, utilities, raw materials and transportation for Scottish businesses have all increased.
“These factors, coupled with pressure to increase staff wages have left many businesses struggling to grow, to pay their bills, or to pay off existing debt.”
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