The European High Yield Association, the trade body affiliated to the Securities Industry and Financial Markets Association, has written to the UK Treasury proposing three reforms to local insolvency legislation ahead of an expected sharp increase in corporate restructurings.

The recommendations, drawn up by the EHYA's European Insolvency Reform Working Group, are designed to improve "the efficiency and fairness of corporate restructurings" bringing the regime more in line with Chapter 11 bankruptcy proceedings in the US.