European bankruptcy laws must be clarified

Europe must harmonise its various bankruptcy laws and competing rights among creditors of failing businesses for the sake of investors and the distressed firms themselves, according to a London-based fund manager.Gary Klesch, chairman of distressed securities fund managers Klesch & Company, said the various rules on the priority of creditors in a bankrupt firm makes it difficult to find clarity of information in the market. 'What drives me as a distressed assets investor is what is the enfo