Wanted: experts to tackle global insolvency rush

There are too few turnaround specialists in the world to cope with a surge in the numbers of companies that need restructuring after the credit crisis, an insolvency expert told the Reuters Restructuring Summit.

"There are 408 practitioners in 11 of the United States' trading partners, 5 of them have 7 between them...Saudi Arabia, for example, has none," said Nick Hood, senior partner of Begbies Traynor (BEG.L: Quote, Profile, Research, Stock Buzz), insolvency specialists.

He pointed to Saad Group SAADG.UL, the Saudi Arabian conglomerate at the center of a multibillion dollar debt restructuring.