In its latest Red Flag report, Begbies claimed that the number of companies suffering from financial stress was down 14% year-on-year from 185,773 to 161,601 in the first quarter of 2010.

However, it said: "Considering the scale of corporate distress witnessed in the first quarter of 2009, it is not surprising that the statistics show an improvement."

Print and packaging industries outperformed the average, and had dropped 18% from 2,825 year on year.

The sector saw an 11% sequential increase in troubled companies from 2,091 in Q4 2009 to 2,322 in Q1 2010. However, this compares favourably to the average quarter-to-quarter figures that showed a 14% increase from 141,601 – the second consecutive quarterly increase.

According to Begbies, these companies represent £65.3bn worth of corporate assets and £55.2bn of liabilities.

The insolvency practitioner said the increasingly difficult financial situation, which it claimed could see the UK fall back into a recession, would have a severe impact on companies that currently owe money.

"The latest statistics show continuing nervousness on the part of creditors," it said. "The behaviour of creditors may well alter in line with recovery and growth prospects, and could well see them becoming tougher with borrowers as the business climate improves."

Commenting on the statistics, one printer told PrintWeek: "This is very worrying for printers – we will get hit left, right and centre with bad debts if a lot of businesses go under.

"Although we had a very good start to the year, and April has been one of the busiest on record, I have noticed that going forward budgets are now being slashed, especially in the public sector. 

"We are seeing repeat jobs from last year being cut back by 50% and more. There are very lean times ahead, I think."