Publication Date

1992

Journal

University of Cincinnati Law Review

Abstract

The article critiques the traditional "simple creditors' bargain" theory in bankruptcy law, arguing that it fails to align with libertarian principles due to its inability to justify bankruptcy discharges and its exclusion of debtors and non-creditors. It then explores an "expanded creditors' bargain," which attempts to address distributive aspects but ultimately falls short by excluding non-consensual creditors and failing to explain why contractual risk allocation is insufficient. The analysis highlights the theory's shortcomings in handling various creditor types and risks, questioning its validity in explaining bankruptcy law.

Volume

61

Issue

2

First Page

453

Last Page

510

Publisher

University of Cincinnati College of Law

Disciplines

Bankruptcy Law | Commercial Law | Law | Securities Law

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