According to the latest figures from KPMG, the number of Scottish companies going into liquidation or administration has increased 30% since the last quarter.
However looking at year on year results, there were only seven more insolvency appointments in 2016 compared to the same period in 2015.
Blair Nimmo from KPMG said. “The latest insolvency statistics reflect the position immediately prior to the EU referendum when generally, businesses were adopting a ‘wait and see’ approach in a relatively stable environment.”
“Indeed in relative terms, insolvency numbers are and were running at historically low levels.”
“We would however note that, in addition to some other sectoral patterns, the oil and gas downturn is beginning to feed through in the figures, despite the recent improvement in oil price.”
There is still very much an air of uncertainty after Brexit as we wait to see how plans and negotiations will be carried out within the UK and with the rest of Europe.
News reports have already shown some businesses struggling as a result of Brexit and over the next few months, we’ll get a clearer picture of the financial impact on businesses across sectors.
Statistics from AiB will be released later this month on Scottish corporate insolvencies, ahead of the government’s UK insolvency statistics.