PwC has said that insolvencies have surged by 40% compared to the same period in 2007.

In advance of today's national insolvency statistics issued by the Insolvency Service, PricewaterhouseCoopers LLP conducted its own analysis into corporate insolvencies, finding 4,039 businesses across England and Wales entered into insolvency in July, August and September of this year.

Mike Jervis, one of the four joint administrators on the Lehman Brothers job, said:
'[PwC] predicted in the last quarter that the small decrease in figures would be the calm before the storm. A 40% increase on the same period last year shows that the lack of confidence and capital is now impacting a much broader range of the economy than we have experienced to date.'