UK is the "best place" in Europe for insolvency

Mike Jervis, PricewaterhouseCoopers restructuring partner has said the UK has some of the best options when it comes to insolvencies which just can't be replicated elsewhere in Europe.

Jervis said that the "flexibility" and "creditor friendly" insolvency rules in the UK make it unique and more able to respond quickly to restructuring needs of a company.

PricewaterhouseCoopers was recently involved in the restructuring and pre-pack sale of European car washers IMO Carwash.

IMO, which has operations littered all around Europe, were able to use a collection of insolvency options in order to salvage the business.

"We used both an administration and a scheme of arrangement simultaneously to sell the business in a pre-pack," said Jervis.

He added: "The flexibility you get from administration and schemes in the UK, you just don't get the techniques that are flexible or creditor friendly in other jursidictions."

Further reading:

Lehman administrators call for US-style rules in UK insolvency