The Bankruptcy Firm

8 Pages Posted: 12 Mar 2019

See all articles by Vincent S.J. Buccola

Vincent S.J. Buccola

University of Pennsylvania - The Wharton School - Legal Studies & Business Ethics Department

Date Written: February 21, 2019

Abstract

This short response, prepared for the University of Pennsylvania Law Review’s symposium on Bankruptcy’s New Frontiers, takes stock of the contributions of Baird, Casey & Picker, The Bankruptcy Partition, 166 U. Pa. L. Rev. 1675 (2018), and criticizes indeterminacy in the scope of the article’s central construct. Coase’s approach to the theory of the firm would provide a useful supplemental framework, I argue. Questions about the scope of bankruptcy jurisdiction — about the kinds of investor disputes a bankruptcy process should seek to resolve — raise the same tradeoff between opportunism and information costs that Coase and scholars following in his tradition identified long ago. Although optimal scope is unknowable in any given case, the firm investors have created in fact is, I suggest, a useful starting place.

Keywords: bankruptcy, chapter 11, bankruptcy partition, bankruptcy estate, bankruptcy jurisdiction, asset partitioning

Suggested Citation

Buccola, Vincent S.J., The Bankruptcy Firm (February 21, 2019). 167 University of Pennsylvania Law Review Online 1 (2019). Available at SSRN: https://ssrn.com/abstract=3339041

Vincent S.J. Buccola (Contact Author)

University of Pennsylvania - The Wharton School - Legal Studies & Business Ethics Department ( email )

3730 Walnut Street
Suite 600
Philadelphia, PA 19104-6365
United States

HOME PAGE: http://https://lgst.wharton.upenn.edu/profile/27349/

Register to save articles to
your library

Register

Paper statistics

Downloads
20
Abstract Views
169
PlumX Metrics