Scottish business failures fell 46% during the first quarter of 2013 when compared with the first quarter of 2012 according to latest figures from KPMG.

Total appointments fell from 294 to 159. Liquidations, which usually affect smaller companies more than halved, from 264 to 122, while administrations and receiverships, which typically affect larger business, went from 30 to 37, a rise of 23%.

However when comparing the last two quarters there was a 38% reduction in liquidations and a 5% reduction in administrations and receiverships:

Blair Nimmo, head of restructuring for KPMG in Scotland, said: "It could appear that the worst of the market turmoil is now behind us. Significantly, fewer smaller companies are going out of business year-on-year, while the total number of corporate insolvencies has decreased by a third in the past six months."

However, the key factor in the downward trend, especially in relation to liquidations, was the significant drop in HMRC appointments, Mr Nimmo said. He went on: "Looking beyond the statistics, our experience indicates that fewer companies are finding themselves in difficulty.

"The banks are reporting fewer companies entering their support units and our own clients generally appear in better health.

"I sense many businesses are accepting the economy as it stands is unlikely to change materially in the short term – that in effect 'now is the new norm' – and have cut their cloth accordingly."