PROFESSOR Edward Tyler's plan to overhaul the territory's insolvency laws offer the business and professional community a ripe carrot and big stick.
His proposals for corporate rescue - and punishments for insolvent trading - are a stimulating and rather audacious alternative.
It deserves to stimulate widespread discussion and accelerate the demise of the present defective procedures.
The Law Reform Commission sub-committee trawled the world's Western jurisdictions to pick what it considers to be best practice.
Struggling companies would be offered a lifeline - court protection plus time to put a proposal for a voluntary arrangement to creditors - to put their house in order.
This would be done with minimum recourse to the courts, lawyers, accountants and the small army of other professionals presently needed to lay siege to the nearly impregnable section 166 of the Companies Ordinance.