Bryan Jackson, corporate recovery partner with PKF, said: "This fall in the number of corporate failures is welcome but, given the very high figures for previous quarters, it is only a relative improvement from record levels of business distress.
"We can see that the situation in the economy is not improving greatly. Comet are the latest High Street name about to go into administration despite being in the run-up to the busiest retail period of the year. An indication of deep-rooted problems in the sector.
"The problem is that there is not quick fix or easy option. Many businesses are simply treading water in the hope of an upturn some time in the future. However, it is unlikely that this will occur in the coming year so I believe that we will see more high levels of corporate failures in the months to come."