However, individual insolvencies have declined by around 22 per cent, including a 31 per cent decline in bankruptcies.

The latest quarterly statistics from the Insolvency Service show there were 65 company insolvencies and 536 individual insolvencies in the third quarter of 2018.

Of the company insolvencies, 30 were compulsory liquidations (down from 35 in Q3 2017) and 24 were creditors’ voluntary liquidations (up from 14 in Q3 2017).

There were six administrations, four company voluntary arrangements and one administrative receivership in Q3 2018.

Of the personal insolvencies, there were 112 bankruptcies, 313 individual voluntary arrangements (IVAs), and 111 debt relief orders (DROs).