Corporate rescue in a world of debt

Outlines the development of a corporate rescue culture focusing on preventing rather than dealing with insolvency. Explains how the Enterprise Act 2002 has contributed to this development. Discusses how changes in corporate finance markets, led by the growth of credit derivatives, hedge funds and private equity investors could affect the rescue culture. Notes the impact of the House of Lords judgment in Re Spectrum Plus Ltd (In Liquidation). Considers whether the "London Approach" to corporate recovery could survive these changes. Appraises a new approach to insolvency proposed by the European High Yield Association.