Rachel Evans
Staff writer
"I can announce today that we will consult on taking the best aspects of the American Chapter 11 system and give good companies the breathing space to allow them to rescue or restructure the business in the face of the credit crunch." Stirring words from David Cameron, leader of the UK Conservative Party. His comments to the Confederation of British Industry in July prompted a rush of discussion in the mainstream press. What was this Chapter 11? And what was wrong with UK law as it was?
Meanwhile organisations such as the European High Yield Association felt their time in the spotlight had arrived. The EHYA has been campaigning for a more formal restructuring procedure since 2006. In an interview with IFLR in September, Gilbey Strub, managing director of the EHYA, described Cameron's proposals as "a positive development" that "mirrored" the EHYA's own intentions.
But despite enthusiasm...