The UK government's quest to reform the competition, consumer protection, personal bankruptcy and corporate insolvency law came to an end with the release of the new Enterprise Act last month.

Existing bankruptcy laws have been scrutinized for seeming to encourage security holders to quickly opt for the administrative receiver when a company was in financial difficulties, and placed unsecured creditors in a weak position. The originally proposed abolishment of the administrative receivership would have detrimentally impacted the UK whole-business securitization structure, however, as the rating of these types of transactions is directly linked to the ability to appoint an administrative receiver.

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