A basic question for the design of bankruptcy law concerns whether value should be divided in accordance with absolute …

would determine the value of collateral in such a way that no participant in the bankruptcy would have a basis for … of business bankruptcy and could constitute an important element of any proposal for bankruptcy reform …

have turned their attention to the topic of bankruptcy. A large amount of work has resulted, both theoretical and empirical …, some of which has been concerned with the functioning of existing bankruptcy procedures and some with bankruptcy reform …, e.g., the goals of bankruptcy and some of the characteristics of an efficient bankruptcy procedure. This paper …

territoriality' -- in which assets are adjudicated by the jurisdiction in which they are located at the time of the bankruptcy …

In an earlier article, The Uneasy Case for the Priority of Secured Claims in Bankruptcy,' 105 Yale Law Journal 857 … (1996), we suggested that the case for a full priority of secured claims in bankruptcy is an uneasy one. In this paper, we … confirms our earlier conclusion that the case for a full priority of secured claims in bankruptcy is an uneasy one …

We propose a new bankruptcy procedure. Initially, a firm's debts are cancelled, and cash and non-cash bids are …