Document Type
Book Chapter
Publication Date
2021
Abstract
In this brief essay, to be included in a book celebrating the work of Jay Westbrook, I begin by surveying Jay’s wide-ranging contributions to bankruptcy scholarship. Jay’s functional analysis has had a profound effect on scholars’ understanding of key issues in domestic bankruptcy law, and Jay has been the leading scholarly figure on cross-border insolvency. After surveying Jay’s influence, I turn to the topic at hand: a proposed reform that would facilitate the use of bankruptcy to resolve the financial distress of large financial institutions. Jay has been a strong critic of this legislation, arguing that financial institutions need to be resolved by regulators and an administrative process, not bankruptcy. As an advocate of bankruptcy-for-banks, I ask Jay if he might reconsider his opposition if the legislation were amended to respond to several of his primary concerns.
Keywords
Bankruptcy, banking, insolvency, legislation, administrative law, Dodd-Frank, bailouts, single point of entry, SPOE, financial institutions, finance, banks, Chapter 11, Chapter 15, bankruptcy amendments
Publication Title
Bankruptcy's Universal Pragmatist: Festschrift in Honor of Professor Jay Lawrence Westbrook
Repository Citation
Skeel, David A. Jr., "Bankruptcy for Banks: A Tribute (and Little Plea) to Jay Westbrook" (2021). All Faculty Scholarship. 2011.
https://scholarship.law.upenn.edu/faculty_scholarship/2011
Included in
Administrative Law Commons, Banking and Finance Law Commons, Bankruptcy Law Commons, Business Organizations Law Commons, Corporate Finance Commons, Finance Commons, Finance and Financial Management Commons, Law and Economics Commons, Legislation Commons, Policy Design, Analysis, and Evaluation Commons, Public Policy Commons
Publication Citation
In Bankruptcy's Universal Pragmatist: Festschrift in Honor of Jay Westbrook (Christophe G. Paulus & John A.E. Pottow eds., Michigan Publishing 2021)