@kbrockman, while many of your statements are true the EU does not have one insolvency rule, it is not a united states of europe (yet), therefore each states has its own set of rules, and some would allow something akin to chapter 11, it is just rarely used for whatever reason.
Exactly one of my points, we strive to get one market, logic dictates that this would also mean 1 set of rules for all to use similary.
In fact we have nothing like it, its more like flying an airplane with 25 captains in command all with their own set of throttles and sticks (or yokes), makes for a rather erratic flight most of the time.
Not promoting more EU and less sovereignity but what we have now is, like we say "neither fish nor meat."
This combined with the differences in the aviation industry that exists between all other countries over the world suggest that only one rule really prevails ==> chaos.