Drawbacks of Bonding Earth & neutral in Industrial sub panels
Don't remove earth-neutral bonding unless you are sure both neutral and earth have genuine, quality separate paths back to the main panel.  

Dirt is not a genuine, quality path.  So if the only path back is via dirt using grounding rods at each panel, you need to hardwire a ground wire.  Ground rods are for returning lightning, not human-made current.  

However, earth-neutral bonding elsewhere than the main panel creates a serious safety issue that might also damage equipment.  If there is trouble in the shared neutral-ground, there can be extraordinary voltages on both neutral (which may hurt equipment) and ground (which may hurt people). 

So yes, a neutral break could cause voltages as high as the opposite phase voltage. So if your service is 240/416V wye, you could see 416V between neutral and hot.  You could also see voltage as high as 176V between "things which should be grounded" and genuine earth.