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Full-Text Articles in Law
Formalizing Chapter 9'S Experts, Laura N. Coordes
Formalizing Chapter 9'S Experts, Laura N. Coordes
Michigan Law Review
Chapter 9 of the U.S. Bankruptcy Code has many shortcomings. One of the most persistent, yet understudied, problems judges face in chapter 9 is also a problem that exists in other areas of bankruptcy law: the sheer difficulty of applying generalized plan confirmation standards to wildly different, highly specialized entities. In practice, judges have turned to experts—individuals well versed in municipal finance, mediation, and the particular debtor com-munity—to help overcome this problem in chapter 9. These experts often per-form critical roles in a municipal bankruptcy case, including conducting mediations, investigating the municipality’s finances, and even helping to craft the municipality’s …
What Bankruptcy Law Can And Cannot Do For Puerto Rico, John A. E. Pottow
What Bankruptcy Law Can And Cannot Do For Puerto Rico, John A. E. Pottow
Articles
This article is based on a February 2016 keynote address given at the University of Puerto Rico Law Review Symposium “Public Debt and the Future of Puerto Rico.” Thus, much of it remains written in the first person, and so the reader may imagine the joy of being in the audience. (Citations and footnotes have been inserted before publication ‒ sidebars that no reasonable person would ever have inflicted upon a live audience, even one interested in bankruptcy law. Rhetorical accuracy thus yields to scholarly pedantics.) The analysis explains how bankruptcy law not only can but will be required to …
Municipal Bankruptcy: The Need For An Expanded Chapter Ix, Daniel J. Goldberg
Municipal Bankruptcy: The Need For An Expanded Chapter Ix, Daniel J. Goldberg
University of Michigan Journal of Law Reform
New York City's default crisis in 1975 presented to Congress and the nation the possibility of a major municipality's entering the federal bankruptcy court. Chapter IX of the Bankruptcy Act, as recently amended by Congress, provides the exclusive remedy by which local governmental units may obtain relief from burdensome indebtedness. Unlike certain other chapters of the Bankruptcy Act, Chapter IX is limited to a voluntary composition or extension of indebtedness. In recent years municipalities have developed complex systems of financing, while experiencing unprecedented expansion in the services which they must provide. Accordingly, a mere composition of municipal indebtedness is no …