Rachel Evans
Staff writer
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| "It's a little bit disappointing that it's taken a credit crisis to get the government's attention" |
Politicians seldom miss an opportunity for a sound-bite or photo shoot. But when David Cameron, the leader of the UK Conservative Party, chose to enter the debate on insolvency reform, it wasn't just reporters and camera crews that got excited.
In a speech to the CBI (Confederation of British Industry) on July 15 Cameron proposed "taking the best aspects of the American Chapter 11 system" on insolvency and restructuring. Trade associations, such as the European High Yield Association, are understandably pleased. They have been lobbying the UK government for a new insolvency law for several years. In 2006, the organisation submitted proposals for reform to the Treasury and, in February this year, it updated these suggestions following further consultations on the need for a formalised restructuring framework.
One of the key...