Because Europe doesn't have the equivalent of U.K. insolvency legislation, it's that much harder to get whole business deals off the ground. Whole business securitizations gained a foothold in the U.K. markets primarily because the establishment of a trust - a key dynamic in these deals - is already addressed under common law jurisdiction.

"The basic issues should be the same under the EU directive but they aren't, particularly in terms of tax treatment," said Margaret Boswell of Gide Loyrette Nouel's London offices.

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