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 on Thursday, 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.