Regulators as Bankruptcy Agencies in Restructured Energy Markets (US vs. UK)

Abstract

In the corporate world, bankruptcy courts exist to deal with firms that have lost their private credit in an orderly and informed fashion—either dissolving and “wrapping up” the enterprises or overseeing the orderly restructuring of debt obligations to get otherwise productive firms back on their feet quickly. Orderly bankruptcy laws are a big deal. The 1787 US Constitutional Convention wrote bankruptcy into Article I of the US Constitution. The origins of codified UK bankruptcy law stretch back to the 1500s.