Chapter 11 would be a terrible system to introduce here - everything would have to be done through the courts.
If you want to see how poor the system is look at this article in the AFR from late last year.
http://www.copyright link/brand/cha...nt-releases-500m-to-creditors-20151217-glq8go
Whilst our system has its faults it is much better than the US experience.