The credit crunch has decimated the stock market, the property bubble and many companies as their credit has either got more expensive or retracted entirely.

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• Insolvencies are likely to fade away during the summer sun but a rash is expected in October
• SME’s factor eight checklist to protect against post summer blues

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The turnaround industry is booming as more companies get into financial trouble. But it doesn’t always take an army of advisers to make a business strong again. Nick Britton reports

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The insolvency boom year of 2008 did not see any major developments on the use of schemes of arrangement as a restructuring tool. But the law on scheme of arrangement is probably unlikely to remain stagnant for long. Now contained in Pt 26 of the Companies Act 2006 (‘CA 2006’), the scheme of arrangement provisions are virtually unchanged from the former Part XIII of the Companies Act 1985. It is high time to review the court’s jurisdiction to sanction a scheme.

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