Christmas time is usually a period of jubilation for the UK retail industry as consumers overcome by the festive mood relax control of their wallets. But 2008’s festivities will not be remembered fondly, thanks to the swathe of insolvencies claiming high street names such as budget store Woolworths and tea retailer Whittard of Chelsea as well as relative newcomers like UK music store Zavvi.

One issue being raised by critics of the UK's administration process for insolvent companies is that it is far more destructive of companies as going concerns than other countries' regimes, especially the Chapter 11 process in the US. The administrations of companies such as US bank Lehman Brothers' European arm and Woolworths were felt by restructuring professionals to have been particularly difficult to handle. Administrators faced a highly complex task in salvaging value in the companies both for creditors and to protect the businesses themselves.