The Guardian's take on the Lehman Brothers' insolvency - insolvency as firefighting
The Guardian have published an interesting article on the Lehman Brothers' insolvency. The article is particularly interesting as it provides a senior insolvency practitioner's perspective on a large scale administration. Some 800 people are reported to be working on the case. In terms of speed of response to an impending insolvency PWC's Mike Jervis notes:
"It's a bit like being a fireman. When the bell goes off you've got to go down the pole and get on with it,"
"This is the ultimate statement of where the law on IVAs is to be found in our great common law...