Scottish corporate insolvencies have fallen for the first time in four years.
The latest figures from KPMG show that Scottish corporate insolvencies dropped by 26.9% during the final quarter of 2012, when compared to the same period last year.
The fall - from 324 to 237 - led to a 6% annual reduction in the total number of Scottish corporate insolvency appointments during 2012. Some 1,277 companies went to the wall in 2011, compared to 1,200 last year.
The number of liquidations, which usually impact on smaller companies, fell by 2.8% in 2012 when compared to the previous year, to end at 1,059.
KPMG said that administrations and receiverships, which typically affect larger business, contracted by a quarter (24.6%) when compared to 2011.
Blair Nimmo, head of restructuring for KPMG in Scotland, said: 'These figures represent an element of good news in that they register the first year-on-year reduction in failing Scottish businesses since 2008.
'However, the reduction is not significant enough to indicate that the many challenges posed by the current global economic climate have been completely overcome.
'The second half of 2012 was quieter for corporate insolvencies but there were a number of high profile appointments during that time which create the impression of great and worsening difficulties across the economy.
'Those made in the retail sector tend to dominate the news agenda and lead to the belief that things are worse than they actually are.
'We are finding that most companies now accept that things have changed post-2008 and there is unlikely to be a material upturn within the next couple of years. Those companies have become adept at "fighting the fight" and adapting their operations to cope with tough economic conditions.
'This requires them to keep a tight leash on cost control and be vigilant of their business' cash at all times. Having got this far through five difficult years many Scottish businesses will now hope to survive until growth returns to the economy but until that time we will continue to see very little speculative investment or transactional activity.'