The collapse last autumn of Lehman Brothers, the US investment bank, set off a chain reaction that shook the foundations of the financial system. Companies, already suffering the effects of the credit crunch, were pushed up to – or over – the brink of insolvency as global financial markets seized up and economies fell towards recession.

A growing number of companies had their viability questioned and the shake-out of the weak started. The retail sector in particular suffered from a string of high-profile insolvency filings from Woolworths in the UK to Circuit City in the US. The effect of the downturn on consumer spending, collapsing property prices and reduced export demand has hit several sectors including automotive, construction and chemicals.