Richard Squire

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The Case for Symmetry in Creditors' Rights

118 Yale L.J. 806 (2009). Using an original framework for evaluating bankruptcy rules, this Article casts doubt on the efficiency of legal arrangements that give some creditors an absolute advantage over others in the division of a debtor’s assets. Such arrangements, which I classify as asymmetrical, are widely used in the modern economy, and include the secured loan, American general...