May saw 1,417 bankruptcy petitions, up 53.5% on the same month last year but down 4.9% on April, the Official Receiver's Office says.

Bankruptcy orders also rose 75.4% -  to 1,491 over a year earlier, but fell 15.2% on last month.

The month also saw 69 compulsory winding-up petitions - up 7.8%, but down 16.9% on April. There were 38 winding-up orders - up 65.2% over a year earlier, but down 15.6% on April.

Taking the first five months of the year together, the number of bankruptcy petitions and orders surged 69.9% and 71.7%, to 7,545 and 7,406.

There were 319 compulsory winding-up petitions and 196 winding-up orders in January-May, up 35.7% and 13.3% on the same period last year.