Corporate Insolvency Law for the 21st Century: State-Imposed or Market-Based?

Michael Schillig*

*Corresponding author for this work

Research output: Contribution to journalArticlepeer-review

5 Citations (Scopus)
789 Downloads (Pure)


The central premise of this article is that financial innovation and the ever increasing complexity of proprietary entitlements necessitate a principled recalibration of the boundaries of regulation and contract in corporate insolvency law, a recalibration that is already under way. Through the lens of a combination of “commons/anti-commons analysis” and “contractualisation of bankruptcy” models, the article critically analyses recent developments at European and domestic level, in particular the development and reform of the concept of centre of main interest, the rise of pre-packaged administrations and the reformulation of the anti-deprivation principle. The adopted theoretical framework explains and justifi es these developments and provides some guidance for future reform efforts.
Original languageEnglish
Pages (from-to)1-38
Number of pages38
Issue number1
Early online date7 May 2015
Publication statusPublished - 2015


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