Abstract
Western bankruptcy systems have two relevant features: (a) The systems are mandatory, that is, parties are required to use the state supplied system; and (b) each system has a number of mandatory rules. Until recently, reformers took these features as givens. The reformers' goal has been to improve the mandatory bankruptcy system and the mandatory rules within it.' Some scholars now contest the first relevant feature, arguing that requiring parties always to use one bankruptcy system is inefficient. In a recent essay,' I challenged both of these features. I made these claims:
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