In a statement, insolvency giant Begbies Traynor said it anticipates profits for the year ending March will come in well below current expectations.

The company said there were 4,014 company insolvencies in the UK between January and March this year, an 11.3 per cent fall compared to the same period last year – and the lowest number of quarterly insolvencies since the fourth quarter of 2007.

Overall UK corporate insolvencies for the year ending 31 March 2015 were 16,380; in the same period last year, this number was 14 per cent higher (18,994).

The fall has by definition significantly reduced prospective business for Begbies Traynor, a development the group’s executive chairman Ric Traynor dubbed “disappointing”. In response to falling rates of corporate insolvency, the firm moved to reduce expenditure and bolster its position via acquisition and diversification. Eddisons, a property consultancy, was purchased by the group last year. However, the benefits of these approaches will, the company claim, not be felt until next year at least.

Despite this, Begbies Traynor issued a report last month which highlighted that general election uncertainty had increased the number of firms listed as ‘critical’ in its rankings of corporate stability, meaning assignments could rise again over the year ahead.

“Whilst it is disappointing to have seen a further decline in the overall insolvency market in the UK, we have maintained our market-leading position and have taken action to align our cost base to current activity levels,” commented Traynor.

“We have made good progress integrating Eddisons into the Group and we are already starting to realise the synergies that the team’s expertise brings to the Group’s core insolvency practice.”