Total corporate insolvencies in the third quarter of 2017-18 dropped from 210 to 202 compared to the same quarter a year ago. The figure is made up of 124 compulsory liquidations and 78 creditor voluntary liquidations. No receiverships were recorded for the fifth quarter in succession.

There were also 129 members' voluntary liquidations, which is down from the 152 recorded in the same quarter for 2016-17.

Paul Wheelhouse, Scottish government minister for business, innovation and energy, said: ‘The shadow of Brexit looms over businesses the length and breadth of Scotland and it is clear this issue is having a negative impact on both growth and investment by our companies.

‘It is a testament to the resilience of our industries, particularly in key sectors such as oil and gas, that we are beginning to see economic conditions improving and this is reflected in these ncouraging corporate insolvency figures.’

Separate research by KPMG found there were 832 corporate insolvencies in Scotland 2017 - a 15% drop on the previous year and the lowest since 2008. Administrations fell by 14%, to 83, while liquidations were down by 16%, to 749.

Blair Nimmo, global head of restructuring at KPMG, said: ‘Annually it is encouraging to see the number of business failures falling to an eight-year low, representing what are relatively normal attrition rates.

‘Nevertheless, other economic indicators are not so positive in a UK context, and the general direction of travel in the Scottish economy remains uncertain.

‘Coupled with comparatively poor GDP forecasts and a low rate of business birth rates, there are some causes for concern.’

Report by Pat Sweet