The big question: How should UK insolvency law change?

Author: | Published: 17 Nov 2008

Rachel Evans
Staff writer

"Working very well indeed" or "becoming antiquated"? Lawyers aren't sure whether UK insolvency and restructuring laws are effective or defective. And they aren't sure how, if any, reform should take place.

As a poll for this month's IFLR shows, the legal community is evenly split between those in favour of reform and those against it. One third of respondents (34%) wanted some reform of insolvency law along the lines proposed by the European High Yield Association. But 33% think change is unnecessary and could make the UK a less attractive jurisdiction in which to do business.

The European High Yield Association's reforms were thrust into the limelight in July following Conservative Party leader David Cameron's speech to the Confederation of British Industry. While Cameron did not specifically name-check the trade association, his ideas mirrored that of the EHYA and drew attention to its proposals.

The association has...