Professor Philip Lane:

I would be reluctant to comment overly on legal structures. Short of that, many restructures have been achieved. The bargaining power has shifted towards the debtor in terms of the reform of the bankruptcy law, insolvency procedures and so on. Debtors' bargaining strength has improved with these legal changes. Every case will be different. An individual should engage with their bank either directly or with the help of an adviser because trying that engagement does not make anyone worse off. Individuals have the reserve option of using the legal options available to them.