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Company liquidations have risen by 4% over the past twelve months, according to latest figures from the Insolvency Service.

Although compulsory liquidations, or court-ordered liquidations, have dropped by one-fifth in the last twelve months, the number of companies going into voluntary liquidation has risen by over 25% to 2,125.

While England, Wales and Northern Ireland all experienced a rise in the number of company liquidations in the past 12 months, insolvencies in Scotland dropped by 39% to just over 100.

The Insolvency Service results also reveal a substantial drop in the number of individuals declaring themselves bankrupt, or entering into Individual Voluntary Agreements (IVAs). Individual insolvencies have dropped by nearly 13.5% in the last 12 months.