England and Wales saw more than 4,000 compulsory and creditors' voluntary liquidations across the three-month period – up by more than a quarter year-on-year.

In addition, there are another 1,444 companies that are either in receivership, administration or under a company voluntary arrangement, suggesting more business casualties for the near future.

According to PricewaterhouseCoopers (PwC), the manufacturing sector fared comparatively well, with levels at a five-year low, possibly due to the pound's weak position against the euro making the UK more attractive.

Conversely, the retail sector suffered particularly heavily, but this could have a knock-on effect for the print sector by reducing print demand.

High profile names such as Dolcis, and Stead and Simpson have fallen into administration this quarter and, with retail insolvencies remaining at a five-year high and a tough Christmas ahead, PwC expects another spike in retail companies going bust in the new year.

However, PwC business recovery partner Mike Jervis said that in the current economic climate, entering insolvency can be the best way forward.

"Where rescue capital is a scarce commodity, it is obvious that the sooner problems are recognised, a solution, inside or outside an insolvency process, is more likely to be achievable," he said.

"Used in the right circumstances, insolvency procedures including pre-packaged administrations can help rescue a company, saving jobs, and preserving value for the company and continuity for suppliers."