Crisis is paying off for administrators

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With dozens of companies going bust in the capital every day, corporate undertakers are in huge demand and firms needing to bulk up their teams are being forced to offer pay rises of 10% or more in order to lure good staff from rivals.

Recruitment firms say a typical partner/director of an insolvency practice could expect to be on a salary of about £100,000 while senior managers should getting between £60,000 and £80,000.

The London office of Leonard Curtis has hired six new senior executives in the past three months to cope with a huge workload which has included Sofa Workshop, Mark One and toyshops chain JA Magson.

Director Neil Bennett said: "We're all working long hours and people know their worth more than ever. Good staff are getting increasingly hard to find.

"We have been recruiting a big pool of good staff to cope with what we are all expecting will be a very busy couple of years."

His office has swelled to 30 as the rush of work intensified.