The number of UK business failures will rise by more than a third this year from the historically high levels seen during 2008 and could hit a fresh record over the next 12 months, a leading recovery and restructuring specialist has forecast.

At least 30,000 companies will have fallen into liquidation, receivership or administration by the end of the year, according to Nick Hood, a partner at Begbies Traynor, who said that the “deeply worrying” levels would not return to previous norms until 2013.