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Corporate insolvency is a worrying prospect for the biggest of firms, but for those recently established by individuals – potentially using their life savings as start-up capital – it is perhaps even more of a pressing concern.

In the 21st century, however, it seems the very tools that are supposed to make it easier to conduct business may also make it more difficult for a new microbusiness to thrive.

Lloyds Bank’s Big Issues for Small Businesses report found that 47% of all sole traders and microbusinesses find it impossible to ever switch off from work.

More than two in five (41%) put in longer hours to try and keep up, and 70% think that they risk being “left behind” by failing to have enough of an online presence.

Damien McGarrigle, head of business insurance at Lloyds Bank Insurance, said: “Building in time to regularly check that your business is on track and protected from any threats is a small investment, which could prevent businesses being left significantly out of pocket should the worst happen.”

For companies that are unable to keep pace with the digital era – or for online brands hit by equipment failure or theft – administration advice can potentially help to avoid corporate insolvency, or to bring the business to an end in the appropriate way.