“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.” So said UK prime minister David Cameron, then leader of the opposition Conservative party, in July 2008. Scroll forward two and a half years and this consultation is yet to produce any concrete change in how restructuring is approached in the UK.
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