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But in the end, I question the necessity for significant variations for the Code, but somewhat argue for slight alterations in conjunction with continued skepticism about subsidizing purported innovation by means of modifications to bankruptcy law.
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Bankruptcy is focused on federal government. The automated remain, the bankruptcy “estate,” the facility to impose a prepare on dissenting creditors – crucial features of corporate bankruptcy – all move from Congress’ powers under the Bankruptcy Clause. These applications are not simply replicated by deal, irrespective of whether “wise” or traditional.