Bankruptcy for Banks: A Tribute (and Little Plea) to Jay Westbrook

U of Penn, Inst for Law & Econ Research Paper No. 18-31

In Bankruptcy's Universal Pragmatist: Festschrift in Honor of Jay Westbrook (Christophe G. Paulus & John A.E. Pottow eds., Michigan Publishing 2021)

8 Pages Posted: 19 Sep 2018 Last revised: 16 Sep 2021

See all articles by David A. Skeel

David A. Skeel

University of Pennsylvania Carey Law School; European Corporate Governance Institute (ECGI)

Date Written: 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

JEL Classification: G21, G33, K22, K23

Suggested Citation

Skeel, David A., Bankruptcy for Banks: A Tribute (and Little Plea) to Jay Westbrook (2021). U of Penn, Inst for Law & Econ Research Paper No. 18-31, In Bankruptcy's Universal Pragmatist: Festschrift in Honor of Jay Westbrook (Christophe G. Paulus & John A.E. Pottow eds., Michigan Publishing 2021), Available at SSRN: https://ssrn.com/abstract=3251942 or http://dx.doi.org/10.2139/ssrn.3251942

David A. Skeel (Contact Author)

University of Pennsylvania Carey Law School ( email )

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European Corporate Governance Institute (ECGI)

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