The market in trading distressed corporate debt, a necessity born of the last recession, looks here to stay. But attempts to instil standard market practice have so far failed to establish a consensus. This may not matter now. But the point at which it will the next economic downturn ushering in a wave of corporate defaults will be too late. For those in charge of debt-trading desks, this is the time to make sure that existing documentation and procedures provide adequate protection, especially in a market where the speed of dealing and the thin margin on any particular trade may make it impracticable to obtain legal advice every time.
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