Heavy losses at ­Qantas have inevitably resurrected conversations about the collapse of Ansett in 2001 and if ­Australia’s insolvency laws are the adequate framework for dealing with ­distressed companies in the 21st century.

It needs to be made clear Qantas is not close to an Ansett-style collapse, although chief executive Alan Joyce has not been shy about asking for government help. But ­airlines, which become vulnerable if pre-paid tickets fund trading losses for too long, are well-versed in bankruptcy protection.