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Os mútuos dos sócios e acionistas na falência das sociedades limitadas e anônimas; The loans of partners and shareholders in the bankruptcy proceedings of limited liability partnerships and corporations

Costa, Patrícia Barbi
Fonte: Biblioteca Digitais de Teses e Dissertações da USP Publicador: Biblioteca Digitais de Teses e Dissertações da USP
Tipo: Dissertação de Mestrado Formato: application/pdf
Publicado em 26/10/2009 Português
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Este trabalho propõe-se a analisar os mútuos como direitos creditórios dos sócios das sociedades limitadas e dos acionistas das sociedades anônimas na legislação nacional e o tratamento dado pela legislação falimentar brasileira a esses direitos de crédito, à luz dos mesmos conceitos existentes no Direito Comparado, especificamente na Alemanha e nos Estados Unidos da América. A eleição dos referidos dois países para a análise do Direito alienígena justifica-se porque: (i) a Lei de Insolvência Alemã (Insolvenzordnung InsO), de 5.10.1994, em vigor desde 1.1.1999 e editada em substituição à antiga legislação datada de 1877, que previa os institutos da falência e concordata de forma muito semelhante ao sistema falimentar brasileiro do Decreto-lei nº 7.661, de 21.6.1945 (Decreto-lei 7.661/45), veio a regulamentar os institutos da recuperação e liquidação de empresas, com objetivos também muito semelhantes aos da Lei nº 11.101, de 9.2.2005 (Lei de Recuperação de Empresas e Falências), tendo ainda passado por recente reforma em novembro de 2008; (ii) o Bankruptcy Code, que compõe o Título 11 do United States Code, em vigor desde a reforma inserida no sistema concursal norte-americano por meio do Bankruptcy Reform Act of 1978...

A nova lei de falências e o mercado de crédito brasileiro

Lümke, Débora
Fonte: Universidade Federal do Rio Grande do Sul Publicador: Universidade Federal do Rio Grande do Sul
Tipo: Trabalho de Conclusão de Curso Formato: application/pdf
Português
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As taxas de crédito em relação ao PIB no Brasil apresentaram um crescimento considerável no período recente. Contudo, em termos internacionais, os resultados deste mercado no Brasil ao longo da década de 90 até então foram relativamente baixos. O fenômeno sugere que existem fatores impactando a concessão de crédito além das circunstâncias macroeconômicas. Este trabalho parte do princípio de que as normas e leis que regulam este setor e o enforcement dessas leis é um desses fatores. O ambiente institucional do mercado de crédito brasileiro sofreu uma alteração em 2005. Neste ano foi decretada a lei No 11.101/05, que buscou modernizar os procedimentos de falência no Brasil. A hipótese do trabalho é a de que o crescimento da concessão de crédito observada no período recente foi em parte devido a esta mudança institucional. Para esta finalidade foi estimada uma regressão, utilizando o método dos mínimos quadrados ordinários. A verificação empírica está de acordo com os demais estudos na área. Ao longo do trabalho é exposta também a teoria que prevê as diversas formas pelas quais a variável crédito e a lei de falências interagem.; The ratio of credit operations to GDP in Brazil has experienced a considerable growth in the recent years. However...

Tightening Your Belt: Inequities and Inconsistencies Regarding the Treatment of Food, Prescription Drugs, and Cigarettes In the United States Bankruptcy Code

Bramson, Jeffrey Scott
Fonte: Harvard University Publicador: Harvard University
Tipo: Paper (for course/seminar/workshop)
Português
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Debtors seeking to file bankruptcy may do so under either Chapter 7 or Chapter 13 of the Bankruptcy Code. In either case, the bankruptcy system must determine what expenses will be allowed for the debtor in bankruptcy, including for substances such as food, drugs, and cigarettes. This paper examines the treatment of these three substances by the Bankruptcy Code and judges, based on the three standards that appear in the Code: (1) what is allowed by the IRS National Standards, (2) what would constitute “abuse” of the system, and (3) what expenses are “reasonably necessary.” We then discuss five adverse effects that result from these provisions, including horizontal inequities between Chapter 7 and Chapter 13, unfair geographical variations, vertical inequities between wealthier and poorer debtors, inconsistent judicial application of the rules, and inconsistency between the bankruptcy regime and other federal agencies and priorities.

Derivatives Markets in Bankruptcy

Roe, Mark J.
Fonte: Harvard Law School Publicador: Harvard Law School
Tipo: Research Paper or Report
Português
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By treating derivatives and financial repurchase agreements much more favorably than it treats other financial vehicles, American bankruptcy law subsidizes these arrangements relative to other financing channels. By subsidizing them, the rules weaken market discipline during ordinary financial times in ways that can leave financial markets weaker than they would be otherwise, thereby exacerbating financial failure during an economic downturn or financial crisis emanating from other difficulties, such as an unexpectedly weakened housing and mortgage market in 2007 and 2008. Moreover, and perhaps unnoticed, because the superpriorities in the Bankruptcy Code are available only for short-term financing arrangements, they thereby favor short-term financing arrangements over more stable longer term arrangements. While proponents of superpriority justify the superpriorities as reducing contagion, there’s good reason to think that they in fact do not reduce contagion meaningfully, did not reduce it in the recent financial crisis, but instead contribute to runs and weaken market discipline. A basic application of the Modigliani-Miller framework suggests that the risks policymakers might hope the favored treatment would eliminate are principally shifted from inside the derivatives and repurchase agreement markets to creditors who are outside that market. The most important outside creditor is the United States...

Derivatives Safe Harbors in Bankruptcy and Dodd-Frank: A Structural Analysis

Adams, Stephen D
Fonte: Harvard University Publicador: Harvard University
Tipo: Paper (for course/seminar/workshop)
Português
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The Bankruptcy Code exempts financial derivatives and repurchase agreements from key provisions, such as the automatic stay. The primary rationale for this special treatment has been the fear that the failure of an important market participant could cascade if counterparties could not immediately exit their contracts. Reflecting on the recent financial crisis and the Lehman bankruptcy, some scholars have suggested that exempting these financial contracts from bankruptcy may have exacerbated other kinds of systemic risk and contributed to the decision to bail out systemically important financial institutions (SIFIs) address this flaw by enacting a Bankruptcy alternative, Title II of the Dodd-Frank Act, instead of addressing the problems in the Bankruptcy Code safe harbors that were the source of the systemic risk. This article demonstrates that the view that Title II replaces bankruptcy reform is mistaken. Title II actually increases both the need and opportunity to reassess the proper limits of the safe harbors. Without bankruptcy reform, the threat of irreversible damage if the SIFI files bankruptcy before intervention may force Title II to compete with bankruptcy in order to reach potential SIFIs first. However, the difficulty in evaluating whether some firm failures involve systemic risk incentivizes Title II decisionmakers to intervene in cases of doubt...

A recuperação judicial de empresas e a bankruptcy reorganization : uma análise comparada

Santos, Vitor Nunes Reis dos
Fonte: Universidade Federal do Paraná Publicador: Universidade Federal do Paraná
Tipo: Monografia Graduação Formato: 69 p.; application/pdf
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Orientador: Carlos Joaquim de Oliveira Franco. Coorientador: Luiz Daniel Rodrigues Haj Mussi; Monografia (graduação) - Universidade Federal do Paraná, Setor de Ciências Jurídicas, Curso de Graduação em Direito; Resumo: O presente trabalho pretende analisar os institutos da Recuperação Judicial de Empresas, com base na Lei de Recuperação de Empresas e Falências (11.101/05). Para tanto, fez-se um apanhado das fases que compõe a recuperação via judical, bem como apresentou-se a jurisprudência mais recente e dominante nos aspectos mais relevantes da matéria, como a possibilidade de não se apresentar certidões negativas de débito e a soberania da assembleia de credores quanto as decisões acerca do plano de recuperação. Em momento posterior, examinou-se as principais disposições da lei americana de recuperação judicial, enfatizando-se a persecução especifica aos princípios regentes, com ênfase na preservação da empresa, objetivo maior previsto no Bankruptcy Code de 1978. Em virtude das inúmeras diferenças, tanto organizacionais, quanto procedimentais, comparou-se as duas legislações a fim de se fazer coro às vozes defensoras da proposta de reforma no tratamento pátrio do instituto. Não se buscou, porém...

The Challenges of Bankruptcy Reform

Cirmizi, Elena; Klapper, Leora; Uttamchandani, Mahesh
Fonte: Banco Mundial Publicador: Banco Mundial
Português
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The 2008 financial crisis was followed by a global economic downturn, credit crunch, and reduction in cross-border lending, trade finance, remittances, and foreign direct investment, which adversely affected businesses around the world. The consequent increase in the number of firm insolvencies in the financial and corporate sectors highlights the importance of efficient bankruptcy laws. This paper summarizes the theoretical and empirical literature on bankruptcy design, discusses the challenges of introducing and implementing bankruptcy reforms, and presents examples of how policymakers are trying to use the current economic downturn as an opportunity to engage in meaningful reform of the bankruptcy process.

Saving Viable Businesses : The Effect of Insolvency Reform

Klapper, Leora
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
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The 2008 financial crisis and consequent rise in corporate insolvencies highlight the clear need for efficient bankruptcy systems to liquidate unviable firms and reorganize viable ones and to do so in a way that maximizes the proceeds for creditors, shareholders, employees, and other stakeholders. This note summarizes the empirical literature on the effect of insolvency reforms on economic and financial activity. Overall, research suggests that effective reforms increase timely repayments, reduce the cost of credit, and lower the rate of liquidation among distressed firms.

Pakistan - Strengthening the Insolvency Regime : Non-Lending Technical Assistance Final Report

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Português
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The importance of a modern, binding and effective insolvency regime is undeniable. Nearly 90 countries around the world have reformed their bankruptcy codes since Second World War, and over half of them have done so during the last decade. One of the key aspects in the reform process is the delicate balance addressed by a modern insolvency system which encourages the organization of viable firms and liquidates unviable firms. The financial and macroeconomic crises, as recently experienced in Pakistan, provide an opportunity for bankruptcy reform, as the potential employment impact often places the issue of insolvent companies high on the policy agenda. The three fundamental goals of any insolvency law are: 1) transparency, including a system for publicizing and indexing judgments, an accessible method for registering securing interest and an effective notice of insolvency proceedings, 2) predictability - in terms of being fair, simple and clear, which if not achieved ends up costing more as financial institutions compensate the uncertainty with additional credit costs; and 3) efficiency...

Until Debt Do Us Part : Subnational Debt, Insolvency, and Markets

Canuto, Otaviano; Liu, Lili
Fonte: Washington, DC: World Bank Publicador: Washington, DC: World Bank
Português
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With decentralization and urbanization, the debts of state and local governments and of quasi-public agencies have grown in importance. Rapid urbanization in developing countries requires large-scale infrastructure financing to help absorb influxes of rural populations. Borrowing enables state and local governments to capture the benefits of major capital investments immediately and to finance infrastructure more equitably across multiple generations of service users. With debt comes the risk of insolvency. Subnational debt crises have reoccurred in both developed and developing countries. Restructuring debt and ensuring its sustainability confront moral hazard and fiscal incentives in a multilevel government system; individual subnational governments might free-ride common resources, and public officials at all levels might shift the cost of excessive borrowing to future generations. This book brings together the reform experiences of emerging economies and developed countries. Written by leading practitioners and experts in public finance in the context of multilevel government systems, the book examines the interaction of markets, regulators, subnational borrowers, creditors, national governments, taxpayers, ex-ante rules...

Strengthening Subnational Debt Financing and Managing Risks

Liu, Lili
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
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The Chinese budget law prevents subnational governments from borrowing. However, Subnational Governments (SNG) borrows indirectly off-budget, through Urban Development and Investment Corporations (UDIC). There are various estimates on the off-budget liabilities, with one estimate having the liabilities at more than 30 percent of Gross Domestic Product (GDP). This paper provides a discussion of more reform options for China, anchored with cross-country experiences and lessons. The way forward is to develop regulatory frameworks that can expand SNG and UDIC market access and debt financing, while strengthening subnational fiscal discipline, managing default risks, promoting capital market development, and supporting macroeconomic management and a stable financial system. The paper is organized as: section two presents fiscal rules and framework - ex ante regulations for subnational debt issuing and procedures. Section three discusses what to do when a subnational government becomes insolvent - ex post system. Section four is devoted to developing regulatory frameworks for UDIC...

No More Ping-Pong: The Need for Article III Status in Bankruptcy After Stern v. Marshall

Brown, Latoya C.
Fonte: SelectedWorks Publicador: SelectedWorks
Tipo: Artigo de Revista Científica
Português
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“Unfortunately, Stern v. Marshall has become the mantra of every litigant who, for strategic or tactical reasons, would rather litigate somewhere other than the bankruptcy court.” I. INTRODUCTION Quite aptly, the United States Supreme Court borrowed the words of Charles Dickens to describe the life of the case that ultimately resulted in Stern v. Marshall : “This suit has, in the curse of time, become so complicated, that . . . no two . . . lawyers can talk about it for five minutes, without coming to a total disagreement as to all the premises.’” Ironically, even after the Court’s decision, the “curse” has continued and many, especially those of the bankruptcy bar, are in disagreement as to the ultimate outcome and unforeseen consequences of Stern. The “big fuss” arose out of the Court’s holding that bankruptcy courts do not have constitutional authority to enter final judgment on a state law counterclaim “that is not resolved in the process of ruling on a creditor’s proof of claim.” The Court stated that common law claims, as well as suits in equity and admiralty, fall within the province of Article III courts, and Congress cannot “chip away at the authority of the judicial branch” by enacting statutes delegating such power to non-Article III judges. The Constitution grants judicial power to courts whose judges enjoy tenure during good behavior and salary protections. Article III provisions are safeguards against intrusion by other branches of government and they ensure that judicial decisions are being made with “[c]lear heads . . . and honest hearts.” A different outcome would have been likely if the case involved a ‘public right’ because the Court has recognized that Congress has the authority to adjudicate in suits involving that exception. The public rights exception applies in cases where a “right is integrally related to particular federal government action.” Other than the obvious limiting effect that Stern will have on bankruptcy courts with regards to adjudicating common law claims...

Insolvency institutions and efficiency

García-Posada, Miguel
Fonte: Universidade Carlos III de Madrid Publicador: Universidade Carlos III de Madrid
Tipo: Trabalho em Andamento
Publicado em 19/06/2015 Português
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While there is a vast literature on optimal bankruptcy laws and, specifically, on the optimal allocation of control rights between debtors and creditors in corporate bankruptcy, little has been said about the role that alternative insolvency institutions may play in the design of the optimal insolvency framework. This paper attempts to fill this gap by modelling two insolvency institutions -a bankruptcy system and a foreclosure system- that firms and their creditors may use when dealing with financial distress. Firms choose between one or the other based on lenders’ willingness to provide credit and the trade-off between two inefficiency costs, those from inefficient liquidations and those from productive inefficiencies caused by overinvestment in capital assets. The model’s key result is that welfare is a non-monotonic function of creditor control rights in bankruptcy, implying that a perfectly “creditor-friendly” bankruptcy code (a code that always grants control of the distressed firms to creditors) is very inefficient. A second result is that welfare is higher when the bankruptcy system is too “creditor-friendly” (i.e., it ensures the provision of credit, but generates too many inefficient liquidations) than when it is too “debtor-friendly”. Hence...

Three Essays in Industrial Organization and Corporate Finance

TARANTINO, Emanuele
Fonte: Instituto Universitário Europeu Publicador: Instituto Universitário Europeu
Tipo: Tese de Doutorado Formato: digital; application/pdf
Português
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Defense date: 25/11/2010; Examining Board: Prof. Piero Gottardi, EUI Prof. Massimo Motta, Supervisor, Universitat Pompeu Fabra Prof. Patrick Rey, University of Toulouse Prof. Ernst-Ludwig von Thadden, University of Mannheim; Soft bankruptcy allows a poor performing entrepreneur to renegotiate the terms of outstanding financial contracts, but at the same time it allows lenders to increase recovery rates. Hinging on this basic trade-off, the first Chapter of this thesis shows that a soft bankruptcy law designed as pure financial renegotiation may lead to investments that are biased towards the achievement of short-term results. However, if a soft bankruptcy code would encourage the entrepreneur to undertake a process of economic reorganization, the short-termism problem would be attenuated. Alternatively, the employment of contractual clauses that provide lenders with a tough punishment in case of entrepreneur's bad performance, like management turnover, can alleviate the short-term bias. In the second Chapter, I analyze technology adoption in a standardization consortium composed by a majority of vertically-integrated firms and a pure innovator, and its implications for social welfare. Like in most certification bodies, parties negotiate over the royalties after manufacturers' technology adoption and this generates a hold-up problem. Integrated operators can employ a standard with their inputs and circumvent the hold-up problem...

Bankruptcy Around the World: Explanations of its Relative Use

Claessens, Stijn; Klapper, Leora F.
Fonte: World Bank, Washington, D.C. Publicador: World Bank, Washington, D.C.
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
Português
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The recent literature on law and finance has drawn attention to the importance of creditor rights in influencing the development of financial systems and in affecting firm corporate governance and financing patterns. Recent financial crises have also highlighted the importance of insolvency systems to resolve corporate sector financial distress. The literature and crises have emphasized the complex role of creditor rights, affecting not only the efficiency of ex-post resolution of distressed corporations, but also influencing ex-ante risk-taking incentives and an economy's degree of entrepreneurship more generally. The authors document how often bankruptcy is actually being used for a panel of 35 countries. Next they investigate the effects of specific design features of insolvency regimes in relation to the quality of the countries' overall judicial systems on the use of bankruptcy. The authors find, correcting for overall financial development and macroeconomic shocks, that bankruptcies are higher in Anglo-Saxon countries and in market-oriented financial systems characterized by weaker and multiple banking relationships. They also find that greater judicial efficiency is associated with more use of bankruptcy...

Modernizing Italy's Bankruptcy Law

Vietti, Michele
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Brief; Publications & Research
Português
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36.6%
Reforming bankruptcy laws is difficult for many reasons. First of all, attitudes in Italy toward bankruptcy make it a difficult subject to generate support for. Secondly, bankruptcy reforms are complex and lengthy. They require changes not only to the bankruptcy law but also to other important parts of the legal framework, such as the codes of civil procedures and, in the case of Italy, the penal code. Finally, they require support from those that must implement them. This paper outlines the author experience in leading the commission for the reform of the bankruptcy law and the lessons learned from it.

The Chrysler Effect : The Impact of the Chrysler Bailout on Borrowing Costs

Anginer, Deniz; Warburton, A. Joseph
Fonte: Banco Mundial Publicador: Banco Mundial
Tipo: Publications & Research :: Policy Research Working Paper
Português
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Did the U.S. government's intervention in the Chrysler reorganization overturn bankruptcy law? Critics argue that the government-sponsored reorganization impermissibly elevated claims of the auto union over those of Chrysler's other creditors. If the critics are correct, businesses might suffer an increase in their cost of debt because creditors will perceive a new risk, that organized labor might leap-frog them in bankruptcy. This paper examines the financial market where this effect would be most detectible, the market for bonds of highly unionized companies. The authors find no evidence of a negative reaction to the Chrysler bailout by bondholders of unionized firms. They thus reject the notion that investors perceived a distortion of bankruptcy priorities. To the contrary, bondholders of unionized firms reacted positively to the Chrysler bailout. This evidence suggests that bondholders interpreted the Chrysler bailout as a signal that the government will stand behind unionized firms. The results are consistent with the notion that too-big-to-fail government policies generate moral hazard in the credit markets.

The Emerging Project Bond Market : Covenant Provisions and Credit Spreads

Dailami, Mansoor; Hauswald, Robert
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
Português
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The emergence in the 1990s of a nascent project bond market to fund long-term infrastructure projects in developing countries merits attention. The authors compile detailed information on a sample of 105 bonds issued between January 1993 and March 2002 for financing infrastructure projects in developing countries, document their contractual covenants, and analyze their pricing determinants. They find that on average, project bonds are issued at approximately 300 basis points above U.S. Treasury securities, have a surprisingly high issue size of US$278 million, a maturity of slightly under 12 years, and are rated slightly below investment grade. In terms of geographic origin, projects in Asia and Latin America have issued more bonds than those located in other regions. Much of the recent work relating to the role of contractual covenants to the determination of bond prices has focused on the U.S. corporate bond market with its unique bankruptcy code - Chapter 11 - and well developed legal framework, recognizing the bond contract as the sole instrument of defining the rights and duties of various parties. In circumstances in which the underpinning legal and institutional frameworks governing contract formation and enforcement are not well developed...

La faillite internationale: droit comparé, le système canadien et le système européen

Carré, Dobah
Fonte: Université de Montréal Publicador: Université de Montréal
Tipo: Thèse ou Mémoire numérique / Electronic Thesis or Dissertation
Português
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La faillite internationale est une matière complexe qui a donné lieu à un long et vif débat doctrinal entre les tenants des systèmes de la territorialité et de l'universalité. Une faillite est internationale lorsqu'elle met en présence un débiteur possédant des biens ou des créanciers dans plus d'un pays. Puisque la matière de faillite est souvent très différente d'un pays à l'autre, l'application du système de la pluralité, retenue dans la plupart des pays, soulève plusieurs problèmes particulièrement en ce qui concerne la coordination entre les diverses faillites et le manque de protection des créanciers, notamment parce qu'elle accorde des effets limités à la reconnaissance des procédures de faillite étrangères. En effet, en présence de procédures de faillite concurrentes il s'agit de répondre aux questions suivantes: quelle est la juridiction compétente pour ouvrir et organiser la faillite? Quelle est la loi applicable? Dans quels États cette faillite va-t-elle produire des effets? Dans le présent mémoire, il s'agit d'établir une comparaison entre le système canadien et le système européen en matière de faillite internationale. Le législateur canadien a récemment envisagé de modifier sa législation sur la faillite pour permettre une meilleure coopération internationale en matière de faillite internationale. Le projet canadien C-55 reprend pour l'essentiel les dispositions contenues dans la loi-type de la commission des Nations-Unis pour le droit commercial international (CNUDCI) sur «l'insolvabilité internationale». Ainsi...

Breaking Bankruptcy Priority: How Rent-Seeking Upends the Creditors' Bargain

Roe, Mark J.; Tung, Frederick
Fonte: Virginia Law Review Association Publicador: Virginia Law Review Association
Tipo: Artigo de Revista Científica
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“Bankruptcy reallocates value in a faltering firm. The bankruptcy apparatus eliminates some claims and alters others, leaving a reduced set of claims to match the firm’s diminished capacity to pay. This restructuring is done according to statutory and agreed-to contractual priorities, so that lower-ranking claims are eliminated first and higher-ranking ones are preserved to the extent possible. Bankruptcy scholarship has long conceptualized this reallocation as a hypothetical bargain among creditors: creditors agree in advance that if the firm falters, value will be reallocated according to a fixed set of predetermined rules and contracts. In any given reorganization case, creditors may contest how the priority rules are applied — arguing over which creditor is prior and by how much. But once creditors’ relative status under the fixed priority rules is determined or compromised, the lowest-ranking financiers are eliminated. If there is not enough value left to go around for a group of equal-ranking creditors, creditors in that lowest-ranked group share proportionately. In this paper, we argue that over the long haul, the normal science of Chapter 11 reorganization differs from this creditors’ bargain. The bargain is never fixed because creditors regularly attempt to alter the priority rules and often succeed. Priority is in fact up for grabs. Bankruptcy should be reconceptualized as an ongoing rent-seeking contest in which creditors continually seek to break priority — to obtain categorical changes in priority rules in order to jump themselves ahead of competing creditors. Creditors seek to break priority by inventing innovative transactional structures...