Corporate Governance, Bankruptcy Waivers, and Consolidation in Bankruptcy

This outstanding Article by Daniel J. Bussel examines bankruptcy’s ability to override corporate law formalities and provide effective relief consistent with the underlying policies of the Bankruptcy Code. Recent scholarship and case law tend to support the legitimacy of entity partitions and contractual barriers to voluntary bankruptcy relief found in corporate charters. The author persuasively contends that bankruptcy law should return to the basics by refocusing on substance over form in order for corporate formalities to again yield to substantive bankruptcy policy.