According to statistics from the London Gazette, businesses in the construction industry were the hardest hit, representing 122 of the 596 cases, while a further 89 cases were from the retail sector and 87 from the services industry.
Regionally, the Midlands saw the biggest increase in terms of new cases with 19 more cases than the previous quarter – a rise of 24.7 per cent.
The North East saw the biggest change as a percentage – with a 46.2 per cent increase – although this actually represented a difference of just six cases between quarters.
London cases remained flat at 596 for the quarter, the same as in the second three month period of the year.
Matt Haw, partner at Baker Tilly Restructuring and Recovery, said the latest figures illustrated hard times could still be ahead for a great many businesses.
He explained: “For most businesses, flexibility in their financial planning will be essential to their survival. Looking at alternatives to traditional bank lending such as asset-based lenders and private equity can offer new opportunities.
“For the right businesses, additional working capital should allow them to manoeuvre through this stagnant economic phase.”
Other sectors responsible for the 596 cases during the period included property companies (50 cases), manufacturing (67), leisure and hospitality (60), healthcare (26), Telecoms, media and technology (55), other (57).