The number of corporate bankruptcies is set to surge by 35 per cent this year, turning the world economy into a “burial ground” for businesses, according to a study by Euler Hermes, the credit insurer.
In a study published today, the Paris-based unit of Allianz, says the rate of corporate collapses will reach “historic” highs in 2009 following a 27 per cent increase last year, under-lining the brutality of the economic crisis.
“We are looking at a burial ground for companies everywhere in the world and at least until the end of 2009,” the study says.
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