The latest insolvency figures for May show corporate insolvencies on the increase, with construction and retail being among the hardest-hit sectors. Company voluntary liquidations continue to top the table, accounting for 85% of the total 2,552 insolvencies for the last month. Compulsory liquidations are also on the rise, particularly driven by HMRC. Small and micro businesses (with annual sales of less than £1m) account for around 99% of all liquidations, according to PWC.

For businesses of this size there may be little left to save by the time they reach the point of no return. However, the Insolvency Service statistics also show an increase in company voluntary arrangements (CVAs) and administrations – procedures which are more likely to be employed by larger enterprises where there is some prospect of corporate or business rescue. With refinancing becoming more difficult – or at least more expensive – to obtain, we are likely to see activity in the corporate rescue space continuing to increase.

Recent household names which have hit the headlines include Party Pieces and Hunter Boots – both entering into pre-pack administrations and leaving unsecured trade creditors significantly out of pocket. Meanwhile, having reportedly struggled to refinance, discount retailer Wilko is proposing a CVA to reduce (and in some cases wipe out entirely) rental liabilities on 250 of its 400 store leases for the next three years.

With little indication that the cost of living crisis is abating, and another interest hike almost inevitable when the Bank of England's Monetary Policy Committee meets on Thursday, the restructuring community may well be in for a busy few months.