The latest figures from Accountant in Bankruptcy (AiB) show a drop from 258 to 218 business failures in the last quarter, made up of 154 compulsory liquidations and 61 creditor voluntary liquidations. There were only three receiverships recorded for the quarter. There were also 106 members' voluntary liquidations, which is down by half from the 215 recorded in the previous quarter. 

Business, innovation and energy minister, Paul Wheelhouse, said: ‘The number of businesses going to the wall is now at the lowest level we have seen in the last 12 months. 

‘Fewer businesses being forced to close means more people can keep their jobs and contribute to build a robust and growing economy. However, given the context of the impact of investor and business uncertainty created by the EU referendum result, we need to remain vigilant and will continue to monitor trends carefully.’

Personal insolvency numbers in Scotland showed little movement after a period of sustained decline.

Total personal insolvencies, which include both bankruptcies and protected trust deeds, totalled 2,424 for the second quarter of 2016-17 up to 30 September 2016, an 0.8% increase on the previous quarter.

 While the total is up on the same quarter a year ago, 2015-16 as a whole delivered record – and anomalous - low numbers after the introduction of the Bankruptcy and Debt Advice (Scotland) Act, which amended the laws governing bankruptcy on 1 April 2015.