Failed personal injury company The Accident Group (TAG) will have to be broken up if anything is to be salvaged from its wreckage, industry sources said.

Administrator Pricewater-houseCoopers has received "somewhere between several and many" expressions of interest, a spokeswoman said.

"We are very interested to hear from parties that are interested in parts of the business," she said.

One industry source, who said he had looked closely at TAG, said: "It's a mess. The only viable part of the business is the on-going management of claims."

The group is reported to have run up losses of £56.7m in the eight months to April.

Its parent group, Amulet, was put into administration after laying off 2,400 staff, who were informed of their employer's plight by text message and email.

It is not yet known how many creditors will emerge to make claims against the failed company.

Some commentators believe the biggest loser could turn out to be HBOS, the bank that provided loans to cover the legal cost of bringing claims to court.

The company's business model took a fatal blow last month when a court ruling effectively halved the costs recoverable by claims firms like TAG.

One source said: "The banks were lending on a policy that they thought they could get x for - and the courts ruled they could only get half that, so they walked away."