The FT reports that the European High Yield Association (EHYA) has:
written to the government arguing that the UK Insolvency Act (1986) is not up to the task of handling the complex restructurings that are expected to characterise the next downturn.
The EHYA says on its web site that: it's:
a trade association representing participants in the European high yield market ... including banks, investors, issuers, law firms, accounting firms, financial sponsors and other participants in the European high yield market.
Let's now read this another way. What they think is that those who deal in junk bonds and the debt of hedge funds think that life will get tough for them when the economy slips, as it inevitably well. Their definition of fairness (for that's what they've called for) is one where they don't lose out too badly as a result.
Funny how it's always the State who has to bail these people out. Odd that they don't like it on any other occasion, isn't it?