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BANKRUPTCY'S UNEASY SHIFT TO A CONTRACT PARADIGM
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Journal Article
BANKRUPTCY'S UNEASY SHIFT TO A CONTRACT PARADIGM
2018
Overview
A generation ago, the Creditors' Bargain theory provided the first comprehensive normative theory of bankruptcy. Not least of its innovations was the fact that it put bankruptcy theory on a contractual footing for the first time. Earlier commentators had recognized that bankruptcy law can prevent a \"grab race\" or \"race to the courthouse\" by creditors of a financially troubled debtor as they attempt to collect what they are owed, and that bankruptcy can provide a less chaotic and more even-handed distribution of the debtor's assets than might otherwise be the case. The articles that introduced the Creditors' Bargain were the first to suggest that bankruptcy's solution to these concerns was resolutely contractual in nature.
Publisher
students of the University of Pennsylvania Law School,University of Pennsylvania, Law School
Subject
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