From Mr Antonio Alvarez.

Sir, John Willman sets out arguments for and against the concept of a Chapter 11-style bankruptcy regime for the UK (“Tide of distress will put salvage system to its toughest test”, July 21) and rightly concludes that the current system is likely to be tested to breaking point in the coming months. And while Tom Brown (Letters, “Chapter 11 proposals unlikely to save more companies or jobs”, July 18) seems to be an experienced operator, his opposition to the Conservatives' initiative in this area is evidenced by examples from another era in terms of restructurings and turnrounds.