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O direito do trabalho e a preservação da empresa no novo direito concursal: a Lei n.º 11.101/2005 e a sucessão de empregadores; Labor Law and the preservation of the company in the new bankruptcy law: law nº11.101/2005 and the sucessorship of employers

Ribeiro, Andre de Melo
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 21/05/2009 Português
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56.79%
A organização do mercado de trabalho experimentou alterações significativas nas últimas décadas. Tais mudanças aumentaram significativamente as relações de trabalho não sujeitas à subordinação direta inerente à relação de emprego, porém também não consistentes com a autonomia existente nos contratos de prestação de serviço regulados pelo Direito Privado. Esse cenário promove novo estado de crise no Direito do Trabalho, pois seus instrumentos não correspondem com os anseios sociais referentes a tais formas de contratação. Nesse cenário, a sucessão de empregadores é analisada, a fim de identificar seus elementos e verificar sua aplicabilidade às empresas em crise. Esta análise torna-se necessária em virtude das modificações no Direito Concursal brasileiro promovidas pela Lei n. 11.101/2005. A referida lei implantou reformas significativas, alterando o objetivo nuclear e oferecendo novos instrumentos para assistir empresas em crise. Dentre tais instrumentos, novo procedimento de falência e a recuperação judicial afetam diretamente os direitos e prioridades dos credores trabalhistas. Considerando tais alterações, a aplicabilidade da legislação trabalhista relacionada à sucessão de empregadores na venda de unidades produtivas do devedor no contexto da recuperação judicial e da falência...

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
Relevância na Pesquisa
46.88%
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...

O direito concursal das sociedades cooperativas e a lei de recuperação de empresas e falência; Cooperative bankrupty system and the Brazilian bankruptcy law

Maffioletti, Emanuelle Urbano
Fonte: Biblioteca Digitais de Teses e Dissertações da USP Publicador: Biblioteca Digitais de Teses e Dissertações da USP
Tipo: Tese de Doutorado Formato: application/pdf
Publicado em 25/05/2010 Português
Relevância na Pesquisa
66.81%
A tese parte da análise jurídica do concurso das sociedades cooperativas para abordar as disciplinas concursais de insolvência civil, recuperação de empresas e falência, bem como as normas de liquidação aplicáveis às cooperativas no direito brasileiro e comparado. O direito concursal hodierno dispõe de mecanismos recuperativos em caso de crise financeira, e liquidatórios, com normas que primam pela eficiência dos institutos do direito concursal e pela continuação da atividade produtiva, com o fim de beneficiar o credor, devedor e a coletividade. Tende-se a adotar o princípio de unidade legal, de sistema e de disciplina, com pressuposto subjetivo unificado, abrangendo todos os devedores, inclusive as sociedades cooperativas, que quando organizadas como empresas são empresárias de economia social, com natureza jurídica e estrutura que beneficiam a coletividade. O Brasil não adota o princípio da unidade, nem reconhece as sociedades cooperativas como empresas, com a exclusão das cooperativas da lei de recuperação e falências, o que fere as orientações internacionais de incentivo e de tratamento não discriminatório às sociedades cooperativas e surge como mais um obstáculo ao seu desenvolvimento no Brasil. Este estudo teórico-descritivo subdivide-se em três capítulos: o primeiro aborda a doutrina e a normativa do direito concursal com enfoque na sociedade cooperativa...

Custos de falência da legislação falimentar brasileira; Costs of bankruptcy of Brazilian bankruptcy law

Jupetipe, Fernanda Karoliny Nascimento
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 09/01/2014 Português
Relevância na Pesquisa
56.65%
A condução de processos de falência ou de recuperação geram custos, principalmente, aos seus participantes diretos: credores e devedora. Esses custos são chamados custos de falência e são classificados em diretos e indiretos. Os custos diretos são representados pelas despesas administrativas do processo jurídico, tais como honorários do administrador judicial, custas e despesas judiciais. Os indiretos são os custos de oportunidade incorridos para os participantes devido à participação em processos de falência ou de recuperação, tais como a dificuldade em obter crédito, ou o tempo despendido no processo. Admitindo-se a presença desses custos, este trabalho objetivou identificar, mensurar e classificar os custos de falência para os participantes diretos desses processos (devedor e credores) conduzidos sob a legislação falimentar brasileira a fim de compará-los aos custos encontrados em trabalhos internacionais que trataram sobre o tema. Por meio da consulta de processos de falência e de recuperação judicial nas comarcas de São Paulo-SP, Belo Horizonte-MG e Contagem-MG, foi possível coletar os dados necessários para o desenvolvimento desta pesquisa. Como resultados principais foram encontrados que os desembolsos ocorridos nos processos de falência foram de em média 35% do ativo final da falida...

Bankruptcy Law and The Cost of Credit: The Impact of Cramdown on Mortgage Interest Rates

Goodman, Joshua Samuel; Levitin, Adam Jeremiah
Fonte: John F. Kennedy School of Government, Harvard University Publicador: John F. Kennedy School of Government, Harvard University
Tipo: Research Paper or Report
Português
Relevância na Pesquisa
66.56%
The role of bankruptcy law in credit markets has received renewed attention in the aftermath of the housing bubble collapse. The fundamental challenge for research on this topic is to separate the impact of legal factors from other features of the credit environment. We do so by exploiting historical variation in federal judicial rulings regarding whether Chapter 13 bankruptcy filers could reduce the principal owed on a home loan to the home’s market value. The practice, known as cramdown, was definitively prohibited by the Supreme Court in 1993. We find evidence that home loans closed during the time when cramdown was allowed had interest rates 10-20 basis points higher than loans closed in the same state when cramdown was not allowed, which translates to a roughly 1-2 percent increase in monthly payments. Consistent with the theory that lenders are pricing in the risk of principal modification, interest rate increases are higher for the riskiest borrowers and zero for the least risky, as well as higher in states where Chapter 13 filing is more common. Though the price of credit rises slightly, we find no evidence of a change in the quantity of credit provided. The relatively small impacts of cramdown on the cost of credit suggests that the insurance benefits of bankruptcy may be relatively inexpensive.

Derivatives Markets in Bankruptcy

Roe, Mark J.
Fonte: Harvard Law School Publicador: Harvard Law School
Tipo: Research Paper or Report
Português
Relevância na Pesquisa
56.45%
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...

The Challenges of Bankruptcy Reform

Cirmizi, Elena; Klapper, Leora; Uttamchandani, Mahesh
Fonte: Banco Mundial Publicador: Banco Mundial
Português
Relevância na Pesquisa
46.82%
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.

Do Reorganization Costs Matter for Efficiency? Evidence from a Bankruptcy Reform in Colombia

Giné, Xavier; Love, Inessa
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
Relevância na Pesquisa
46.74%
The authors study the effect of reorganization costs on the efficiency of bankruptcy laws. They develop a simple model that predicts that in a regime with high costs, the law fails to achieve the efficient outcome of liquidating unviable businesses and reorganizing viable ones. The authors test the model using the Colombian bankruptcy reform of 1999. Using data from 1,924 firms filing for bankruptcy between 1996 and 2003, they find that the pre-reform reorganization proceeding was so inefficient that it failed to separate economically viable firms from inefficient ones. In contrast, by substantially lowering reorganization costs, the reform improved the selection of viable firms into reorganization. In this sense, the new law increased the efficiency of the bankruptcy system in Colombia.

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
Relevância na Pesquisa
46.87%
“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...

Implicaciones financieras de la legislación concursal : una comparativa europea; Financial consequences of the bankruptcy law : European comparison

López Gutiérrez, Carlos; García Olalla, Myriam; Torre Olmo, María Begoña
Fonte: Asociación Española de Profesores Universitarios de Contabilidad Publicador: Asociación Española de Profesores Universitarios de Contabilidad
Tipo: info:eu-repo/semantics/article; publishedVersion
Português
Relevância na Pesquisa
66.56%
RESUMEN. El análisis de la reacción de los títulos de las empresas ante declaraciones legales de insolvencia ha sido desarrollado ampliamente en la literatura financiera. En este trabajo se adopta un enfoque diferente al tradicional estudio de eventos, tratando de contrastar si la reacción de los mercados viene condicionada por la orientación de la legislación concursal que regula las situaciones de insolvencia empresarial. Para ello se realiza un análisis con una muestra que incluye empresas con problemas de insolvencia en Alemania, España, Francia y el Reino Unido entre 1990 y 2002. Los resultados permiten concluir que la valoración de los títulos de las empresas se ve condicionada por el tipo de legislación concursal. Además, se contrasta cómo las empresas bajo sistemas más orientados hacia la protección de los acreedores (Reino Unido y Alemania antes de la reforma de 1994) presentan rentabilidades negativas mayores, debido a la transferencia de riqueza que se produce desde los accionistas hacia los aportantes de fondos ajenos a la empresa.; ABSTRACT. The reaction of equity returns before bankruptcy filings has been developed widely in financial literature. Traditionally, event study methodology has been used in this kind of studies despite its limitations. Therefore...

O tratamento dos contratos de locação comercial de devedor locatário em recuperação judicial: uma análise à luz das tensões entre o direito material e concursal

Melman, Ana Carolina
Fonte: Fundação Getúlio Vargas Publicador: Fundação Getúlio Vargas
Tipo: Outros
Português
Relevância na Pesquisa
46.73%
Este estudo tem o objetivo de verificar o tratamento dado aos contratos de Locação Comercial de Devedor Locatário em Recuperação Judicial. A lei 11.101/2005 determina, em seus artigos 117 e 119,VII, que os contratos bilaterais não se resolvem pela falência e que na falência do locatário, o administrador judicial pode, a qualquer tempo, denunciar o contrato. Porém, a lei é lacônica a respeito do processo de Recuperação Judicial. Então, o estudo pretende verificar a aplicabilidade dos artigos pertinentes à falência, aos contratos de Devedor submetido ao processo de Recuperação Judicial. Com o intuito de realizar interpretação congruente com a eficiência que se espera da legislação em comento, a metodologia utilizada no trabalho é a da Análise Econômica do Direito, segundo os contornos conferidos pelo autor THOMAS H. JACKSON. Assim, o trabalho aproveita os conceitos do common pool assets e dos executory contracts para auxiliar na compreensão da função dos contratos de locação no Processo de Recuperação Judicial. Nesse sentido, o estudo é importante, pois estabelece parâmetros de interpretação teleológica da legislação concursal, considerando-se as tensões entre o Direito Material e Concursal aplicáveis a hipótese aqui formulada. Então...

Is the different treatment of corporate insolvency and personal bankruptcy under Australian law justified?

Brownbill, Conan
Fonte: Universidade Nacional da Austrália Publicador: Universidade Nacional da Austrália
Tipo: Relatório
Português
Relevância na Pesquisa
46.77%
The Australian corporate insolvency and personal bankruptcy regimes are separate. In recent ears, it has been suggested the two procedures should be merged. Those favouring merger believe it would increase efficiencies, reduce existing overlap and lessen costs. The benefits of a single insolvency regulator are noted as one particular benefit of merged insolvency legislation. Such arguments in support of merger underestimate the difficulties associated with unification given the tradition of separate insolvency laws within Australia and the terms of the Constitution. Significant costs would be associated with merging insolvency and bankruptcy legislation and the reduction of two governmental insolvency regulators to one. The Commonwealth may be unable o enact merged insolvency legislation that included all existing insolvency provisions given limitations within the Constitution. These limitations do not appear to have been addressed by those arguing in favour of merged insolvency procedures. The corporate insolvency and personal bankruptcy procedures have similar objectives and procedures. Both provide for the appointment of an independent entity to ascertain the debtor's abilities, realise their assets and distribute the proceeds among creditors. Further...

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
Relevância na Pesquisa
46.78%
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
Relevância na Pesquisa
66.84%
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
Relevância na Pesquisa
46.77%
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.

Bankruptcy Reform-Breaking the Court Logjam in Colombia

Atiyas, Izak
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Viewpoint; Publications & Research
Português
Relevância na Pesquisa
56.6%
Many developing countries suffer from logjam in the courts, a condition that tends to reduce the effectiveness of bankruptcy law in relieving financial distress. Colombia's bankruptcy reform provides some useful lessons for these countries. In particular, it shows that when traditional court procedures are hard to change, an alternative is to legally empower another entity to handle the entire process. The author explains how it was done in Colombia.

Interactions between corporate governance, bankruptcy law and firms' debt financing: the Brazilian case

FUNCHAL, Bruno; GALDI, Fernando Caio; LOPES, Alexsandro Broedel
Fonte: Associação Nacional de Pós-Graduação e Pesquisa em Administração Publicador: Associação Nacional de Pós-Graduação e Pesquisa em Administração
Tipo: Artigo de Revista Científica
Português
Relevância na Pesquisa
56.51%
This paper examines the relationship between corporate governance level and the bankruptcy law for such debt variables as firms' cost of debt and amount (and variation) of debt. Our empirical results are consistent with the model's prediction. First, we find that the better the corporate governance, the lower the cost of debt. Second, we find that better corporate governance arrangements relate to firms with higher amounts of debt. Finally we find that better governance and harsher bankruptcy laws have a positive effect on debt. Moreover, this effect is stronger for firms with worse corporate governance, which indicates that the law works as a substitute for governance practices to protect creditors' interests.

Interactions between corporate governance, bankruptcy law and firms' debt financing: the Brazilian case

Funchal,Bruno; Galdi,Fernando Caio; Lopes,Alexsandro Broedel
Fonte: ANPAD - Associação Nacional de Pós-Graduação e Pesquisa em Administração Publicador: ANPAD - Associação Nacional de Pós-Graduação e Pesquisa em Administração
Tipo: Artigo de Revista Científica Formato: text/html
Publicado em 01/09/2008 Português
Relevância na Pesquisa
56.51%
This paper examines the relationship between corporate governance level and the bankruptcy law for such debt variables as firms' cost of debt and amount (and variation) of debt. Our empirical results are consistent with the model's prediction. First, we find that the better the corporate governance, the lower the cost of debt. Second, we find that better corporate governance arrangements relate to firms with higher amounts of debt. Finally we find that better governance and harsher bankruptcy laws have a positive effect on debt. Moreover, this effect is stronger for firms with worse corporate governance, which indicates that the law works as a substitute for governance practices to protect creditors' interests.

The Administrative Law of Borrowed Regulations: Legal Questions Regarding the Bankruptcy Law's Incorporation of IRS Standards

Stephenson, Matthew Caleb; Hickman, Kristin E.
Fonte: Norton Bankruptcy Law Adviser Publicador: Norton Bankruptcy Law Adviser
Tipo: Artigo de Revista Científica
Português
Relevância na Pesquisa
46.75%
In the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA), Congress included a provision requiring bankruptcy courts evaluating individual debtors' financial circumstances to utilize certain monthly expense standards developed by the Internal Revenue Service for assessing taxpayers' ability to pay their taxes (the Standards). While the IRS retains a great deal of discretion in applying the Standards for its own purposes, bankruptcy courts have interpreted the BAPCPA as giving the Standards binding force in the bankruptcy context. This unusual arrangement - where a statute regulating one substantive area incorporates documents promulgated by an unrelated administrative agency for use in a different substantive area - presents bankruptcy judges with a set of unfamiliar and difficult administrative law questions. To what extent, if at all, should bankruptcy courts defer to IRS statements, contained in documents other than the Standards themselves, about how the Standards should be applied? May the IRS alter the Standards for its own purposes but not for bankruptcy purposes, or vice versa? What procedures must the IRS use when it modifies the Standards, especially in light of the fact that the Standards now have an apparently binding effect in bankruptcy cases? These questions have become even more pressing since the IRS in 2007 amended the Standards without public notice and comment and provided different effective dates for IRS and bankruptcy court use of the amended Standards. This essay explains from the standpoint of administrative law the difficulties that these questions present and suggest a few possible (and in some cases competing) administrative law theories for thinking about them.

Rethinking the role of the law of corporate distress in the Twenty-First century

Paterson, Sarah
Fonte: The London School of Economics and Political Science, Department of Law Publicador: The London School of Economics and Political Science, Department of Law
Tipo: Monograph; NonPeerReviewed Formato: application/pdf
Publicado em //2014 Português
Relevância na Pesquisa
56.46%
Thomas Jackson famously described the role of all bankruptcy law as reducing the incentive for individual enforcement against the assets of a distressed company. Although scholars have debated other aspects of Jackson’s thesis, most have continued to identify with this as the central tenet of bankruptcy law. This paper proposes a new taxonomy: the law of corporate distress comprised of insolvency law and restructuring law. It argues that Thomas Jackson’s description remains apt for part of that taxonomy but draws a distinction between the constituent parts. It reframes the unifying aim of the law of corporate distress as the facilitation of the reallocation of resource in the economy to best use and draws a distinction between insolvency law’s role in reducing the incentive for individual enforcement and restructuring law’s role in providing a deadlock resolution procedure. Adopting a comparative Anglo-American approach it examines the implications of this distinction for insolvency law and restructuring law in the twenty-first century.