Iyer said the HP system will also help firms terminate applications that are no longer needed, often as a result of mergers or acquisitions that have created a duplication of processes, software and hardware.

FORBES: Testing -- BlackRock Turns To HP for Application Updates and QA

That said, one big difference between the British system and Chapter 11 is that in Britain suppliers have the right to terminate contracts in the event of bankruptcy, quickly disrupting a firm's activities, whereas in America counterparties have to stay as long as they receive reasonable reassurance that they will be paid.

ECONOMIST: European bankruptcy laws