On June 26th, Professor G. Ray Warner presented his paper Collectivity – Converging EU and US Approaches at the INSOL London Academics Colloquium. Professor Warner’s paper explores the challenge presented by the increasingly popular bankruptcy restructuring plans that restructure only one class of claims—usually publicly traded bond debt—while leaving all other creditors unaffected. Such plans do not fit the traditional view that insolvency proceedings must be collective and involve all creditors.