Streamlining the Bankruptcy Process
指出当前美国破产法第11章流程成本高且易让无生存能力的企业重组，提出自动按优先级分配权益、并在破产后3-4个月内将控制权转给债权人选举新董事的新方案。
Ben Branch is a Professor of Finance at University of Massachusetts and Chapter 7 Trustee for the Bank of New England Corporation. High costs and a tendency to allow nonviable firms to reorganize represent two major problems with the present Chapter 11 bankruptcy resolution process. I propose a new system that differs from the old in two important respects. First, an automatic mechanism would award each claimant class consideration in line with priority. Second, effective control of the bankrupt firm would be quickly transferred to its rightful owners (i.e., the creditors), who would elect a new board of directors in the third or fourth month of the bankruptcy proceeding.