The figure comprised 50 creditors’ voluntary liquidations (CVLs), 39 compulsory liquidations, six administrations, two receivership appointments and one company voluntary arrangement (CVA).

Michelle Elliot, restructuring advisory partner at FRP in Glasgow, said: “While the overall level of insolvencies has fallen, Scottish businesses are still having to carefully navigate a challenging and fast-changing landscape.

“Elevated cost pressure has been an ongoing challenge for UK plc, and cost control will remain high on management teams’ agendas now. Energy-intensive businesses in particular will be watching how oil and gas prices develop over the coming weeks.

“For all firms, proactivity will remain key – those that can anticipate pinch-points, and plan to mitigate or address them, will be in the best possible position to support their resilience.”