Business could hardly be slower in the junk bond market, but that means the bankruptcy business is set to go into overdrive.

Global high-yield bond sales are off to the slowest start since the 1991 U.S. recession as an anemic U.S. economy, worldwide credit crunch and no appetite for risk put the squeeze on corporations and investors alike.

That’s not only a striking change from the go-go days of the leveraged buy-out boom, it is a sign Chapter 11 filings are about to shoot higher. In previous cycles, the years following a crest in junk bond sales have been typically followed by a surge in defaults and, finally, bankruptcies.

The party’s already started in 2008. Sixteen publicly traded companies have filed for bankruptcy this year. At the current pace, nearly 100 public companies may file for Chapter 11 protection this year, which would be the most since 2003.

“2008 will be a busy year for insolvency professionals,” says Sam Gerdano, executive director of the American Bankruptcy Institute. “Whether it’s a record year remains to be seen.”