The total figure was down 15% compared to last year’s number of 1,988, driven by a decrease in the number of creditors’ voluntary liquidations (CVLs).

However, this was higher than levels seen while the government support measures were in place in response to Covid-19 and also higher than pre-pandemic numbers.

The fall in insolvencies was seen across some sectors, with manufacturing seeing the greatest change. However, retail, hospitality, leisure and construction are still under pressure.

There were 1,368 CVLs, which was 23% lower than in April 2022, which stood at 1,771. The number of administrations and compulsory liquidations was higher than in April 2022.