"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
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...