The first thing to say is that the distinction is in my view somewhat artificial. In concept, the micro/macro distinction corresponds roughly to the difference between idiosyncratic risk and market risk in finance theory. One refers to risk specific to a firm and the other to risks affecting all firms.
Lastly, the liquidity position of companies in the bottom 25 per cent has been reasonably stable over the past few years at higher levels than seen in the years leading up to the financial crisis. In general, it would seem that the financial stability risks from these vulnerable firms are not increasing.