More than 17,000 corporate failures were recorded in 2003, some 1,825 less than the total figure for business failures in 2002.

Phil Cotter, Managing Director of the Business Information Division at Experian, said: "The introduction of new insolvency rules during 2003 makes it easier for UK businesses to get out of financial trouble."

These rules mean that banks are no longer able to appoint a receiver, they can only appoint an administrator. This makes it easier for companies to put themselves into administration and gain breathing space from their creditors and put measures in place to prevent the business failing.

But Cotter warned: "Despite the increasing rescue culture, there is still no excuse for complacency. A large number of companies are still failing each year and organisations should ensure that they have good credit management practices in place to protect themselves against the risk of non-payment."