The Law of Failure
A Tour Through the Wilds of American Business Insolvency Law

This is a conversational text that provides a comprehensive view of the law of American business failure.

Stephen J. Lubben (Author)

9781316640418, Cambridge University Press

Paperback / softback, published 16 August 2018

192 pages, 8 b/w illus. 3 tables
22.8 x 15.2 x 1 cm, 0.28 kg

'Lubben provides a concise academic analysis of American business insolvency law for students and practitioners. He presents historical and topic-specific approaches to a body of law that goes beyond a basic understanding of federal bankruptcy law. His purpose in writing the book is to share his exploration of the vast array of state and federal insolvency laws, from Nevada's insolvent campgrounds law to the Dodd–Frank Act. His reader-friendly content includes such helpful information as an explanation of a partnership law concept called the 'jingle rule'. It also includes historical trivia: at the time the 1898 Bankruptcy Act was passed, with the exception of the Civil War period, the primary activities of the federal government had been to operate the post office and collect tariffs. Much of the book covers examples of insolvencies not covered under the current Bankruptcy Code.' E. G. Ferris, Choice

If a broker-dealer liquidates in federal bankruptcy court, why does an insurance company liquidate in state court, and a bank outside of court altogether? Why do some businesses re-organize under state law 'assignments', rather than the more well-known Chapter 11 of the Bankruptcy Code? Why do some laws use the language of bankruptcy but without advancing policy goals of the Bankruptcy Code? In this illuminating work, Stephen J. Lubben tackles these questions and many others related to the collective law of business insolvency in the United States. In the first book of its kind, Lubben notes the broad similarities between the many insolvency systems in the United States while describing the fundamental differences lurking therein. By considering the whole sweep of these laws - running the gamut from Chapter 11 to obscure receivership provisions of the National Bank Act - readers will acquire a fundamental understanding of the 'law of failure'.

Introduction
1. Why business insolvency?
2. The federal law of business insolvency
3. State business insolvency law
4. Financial institutions under federal law
5. State financial institution insolvency law
6. Looking for patterns
7. Avenues for reform.

Subject Areas: Financial services law & regulation [LNPF], Banking law [LNPB], Contract law [LNCJ], International economic & trade law [LBBM], Law [L]