If a broker-dealer liquidates in federal bankruptcy court, why does an insurance company liquidate in state court, and a bank outside of court altogether? Why do some businesses re-organize under state law 'assignments', rather than the more well-known Chapter 11 of the Bankruptcy Code? Why do some laws use the language of bankruptcy but without advancing policy goals of the Bankruptcy Code? In this illuminating work, Stephen J. Lubben tackles these questions and many others related to the collective law of business insolvency in the United States. In the first book of its kind, Lubben notes the broad similarities between the many insolvency systems in the United States while describing the fundamental differences lurking therein. By considering the whole sweep of these laws - running the gamut from Chapter 11 to obscure receivership provisions of the National Bank Act - readers will acquire a fundamental understanding of the 'law of failure'.
|Publisher:||Cambridge University Press|
|Product dimensions:||5.98(w) x 8.98(h) x 0.39(d)|
About the Author
Stephen J. Lubben holds the Harvey Washington Wiley Chair in Corporate Governance and Business Ethics at Seton Hall University School of Law. From 2010 to 2017 he was the 'In Debt' columnist for the New York Times's DealBook page. He has been widely quoted by courts and the media on Chapter 11 cases, and has been retained as an expert in insolvency cases around the world. He previously practiced law with the New York and Los Angeles offices of Skadden, Arps, Slate, Meagher & Flom, as a member of the corporate restructuring department.
Table of ContentsIntroduction; 1. Why business insolvency?; 2. The federal law of business insolvency; 3. State business insolvency law; 4. Financial institutions under federal law; 5. State financial institution insolvency law; 6. Looking for patterns; 7. Avenues for reform.