It was found that an estimated 3,633 companies entered insolvency in Q3 2016, 2.2% higher than Q2 and 1.1% higher than the same period last year.

The number of companies subject to compulsory liquidation in Q3 2016 fell by 4.5% compared with Q2, but was up 2.4% from Q3 2015.

The Insolvency Service labelled the trend for the past year as being “broadly flat”.

With regards to personal insolvency, there were 24,251 people who became insolvent in Q3 2016, a 6% increase from the previous quarter.

In the 12 months ending Q3 2016, 1 in 515 adults (0.19% of the adult population) became insolvent.

Andrew Tate, president of insolvency and restructuring trade body R3, said: “A quarterly rise in corporate insolvency numbers is not necessarily an indicator of ‘Brexit’-related financial problems for UK companies.

“At least, not yet.

“While companies dependent on imports are struggling with the falling value of the pound, anecdotal evidence from our members suggests the vote to leave the EU has not led to more insolvency procedures due to factors other than the exchange rate.

“So long as the economy continues to grow steadily, insolvency numbers are unlikely to rise too much, but, of course, that all depends on what impact ‘Brexit’ has on the economy.

“Corporate insolvency numbers stabilised earlier in the year around pre-financial crisis levels following a prolonged downward trend, and insolvency numbers are pretty much in line with where they were this time last year.

“Occasional quarterly increases are not unexpected.”