Legal Spotlight

A perilous anachronism

The laws governing the insolvency of business enterprises in Europe have their roots in another era. Since then, business and investment have changed in fundamental ways. Businesses have reduced their dependence on ownership of fixed assets, or even tangible assets, with the result that the liquidation value of assets bears an ever more distant relationship to going concern value. Investment has changed in no less fundamental a manner: capital structures have become vastly

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