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Europe Builds Own Chapter 11

Amid Tough Times, Countries Across the Continent Are Reshaping Bankruptcy

By

With the number of distressed businesses in Europe soaring, the Continent's bankruptcy laws are getting an extreme makeover. And the model for European lawmakers is Chapter 11 of the U.S. Bankruptcy Code.

The huge volume of distressed businesses in Europe–100,000 companies closed in Italy last year alone–has exposed holes in European insolvency laws. A vast majority of cases ended in liquidation, rather than with the company getting...

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