Responsible Bankruptcy

Comment on: Udo Reifner, ‘Responsible Bankruptcy’ in Luca Nogler and Udo Reifner (eds), Life Time Contracts: Social Longterm Contracts in Labour, Tenancy and Consumer Credit Law, Eleven International Publishing, 2014, pp. 551-577 by Joseph Spooner   Introduction...
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References   [ + ]

1. Discussed in ‘A Call to Arms’—For Regulation of Consumer Lending’ in J Niemi, I Ramsay & W Whitford, Consumer Credit, Debt and Bankruptcy (Oxford, Hart, 2009) chapter 6.
2. See e.g. early draft of World Bank Good Practices, ‘Good Practices for Consumer Protection and Financial Literacy in Europe and Central Asia (2008).
3. See e.g. early draft of World Bank Good Practices, ‘Good Practices for Consumer Protection and Financial Literacy in Europe and Central Asia (2008).
4. See e.g. early draft of World Bank Good Practices, ‘Good Practices for Consumer Protection and Financial Literacy in Europe and Central Asia (2008).
5. ‘Study on interest rate restrictions in the EU Final Report’, U Reifner, S Clerc-Renaud, RA Michael Knobloch (2010) http://ec.europa.eu/internal_market/finservices-retail/docs/credit/irr_report_en.pdf.
6. ‘Consumer Overindebtedness and Consumer Law in the European Union’ Udo Reifner, Johanna Kiesilainen, Nik Huls, Helga Springeneer (2003) at http://www.knl.lv/raksti_data/1147/parskats_ES_2003.pdf.
7. Reifner, n1,107.
8. Springer, Fuck Neoliberalism, in 15 International Journal for Critical Geographies, 2016, p. 285 ss. http://142.207.145.31/index.php/acme/article/download/1342/1172.
9. Cfr. M. Morgenthau, Closing Address to the Conference, in International Monetary Fund and International Bank for Reconstruction and Development. Articles of Agreement, Washington, U.S. Treasury, 1944, p. iv.
10. A. Somma, Giustizia o pacificazione sociale? La codeterminazione nello scontro tra modelli di capitalismo, in Politica del diritto, 2015, p. 549 ss.
11. A.D. Manfredini, Rimetti a noi i nostri debiti. Forme della remissione del debito dall’antichità all’esperienza europea contemporanea, Bologna, Il Mulino, 2013.
12. M. Lazzarato, La fabbrica dell’uomo indebitato. Saggio sulla condizione neoliberista, Roma, DeriveApprodi, 2012.
13. A. Somma, The Biopolitics of Debt-Economy. Market Order, Ascetic and Hedonist Morality, in B. Keller, A. Somma, P. Zumbansen (a cura di), Reshaping Markets. Economic Governance, the Global Financial Crisis and Liberal Utopia, Cambridge, Cambridge University Press, 2016, p. 115 ss.
14. United Nations, Report of the Commission of Experts of the President of the United Nation General Assembly on Reforms of the International Monetary and Financial System del 21 settembre 2009, www.un.org/ga/econcrisissummit/docs/FinalReport_CoE.pdf, p. 121 ss.
15. Su cui C. Paulus, A Resolvency Proceeding for Defaulting Sovereigns, in 3 International Insolvency Law Review, 2012, p. 1 ss.
16. T. Mahmud, Is it Greek or déjà vu all over again? Neoliberalism and Winners and Losers of International Debt Crises, in 52 Loyola University Chicago Law Journal, 2011, p. 629 ss.
17. ‘The Queen asks why no one saw the credit crunch coming’, Daily Telegraph, 5th November 2008.
18. Cited in Gordon, J. (). ‘On the role of the actuary in a changing world’. Dolman Scott Ltd.
19. In Delia, E.P, ed (2007) ‘Evolving Legislation on Consumer Credit and Trade Practices: Stimulus or Drag on Economic Activity?’.
20. Susanne Soederberg, Debtfare States and the Poverty Industry: Money, Discipline and the Surplus Population (Routledge 2014) 3.
21. David Harvey, Seventeen Contradictions and the End of Capitalism (Profile Books, 2014).
22. Atif Mian and Amir Sufi, House of Debt: How They (and You) Caused the Great Recession, and How We Can Prevent It from Happening Again (University of Chicago Press 2014).
23. International Monetary Fund, ‘Gaining Momentum? World Economic Outlook April 2017’ (2017); Bank for International Settlements, ‘The Global Economy: Maturing Recoveries, Turning Financial Cycles?’ (BIS 2017).
24. Atif Mian and Amir Sufi, ‘The Macroeconomic Advantages of Softening Debt Contracts’ (2017) 11 Harvard Law and Policy Review 11.
25. Graeber, Debt : The First 5,000 Years (Melville House 2012) 381.
26. Graeber n 6 above, 390–391.
27. Reifner (n 1) 553
28. ICS Building Society -v- Grant [2010] IEHC 17.
29. ibid 6.
30. ibid.
31. Irish Bank Resolution Corporation Ltd -v- Cambourne Investments Inc & Ors [2012] IEHC 262, [44].
32. ibid 54.
33. ibid 63.
34. ibid 70.
35. Reifner (n 1) 563.
36. ibid 552.
37. A point made by Mian and Sufi (n 4).
38. This position also fails to acknowledge that the recovery of the full nominal value of a loan may not fit easily with the fact that lenders may already have protected their interests through risk-based pricing, securitisation, and the sale of loan books to debt buyers.
39. William C Whitford, ‘Ideal of Individualized Justice: Consumer Bankruptcy as Consumer Protection, and Consumer Protection in Consumer Bankruptcy, The’ (1994) 68 American Bankruptcy Law Journal 397.
40.  Reifner (n 1) 557.
41. See e.g. Pamela Foohey and others, ‘No Money down Bankruptcy’ (2016) 90 Southern California Law Review [i].
42. See e.g. Iain Ramsay and Joseph Spooner, ‘Submission to Insolvency Service Call for Evidence: “Insolvency Proceedings: Debt Relief Orders and the Bankruptcy Petition Limit”’ (2014) <https://www.academia.edu/8703184/Joint_Submission_with_Prof_Iain_Ramsay_to_Insolvency_Service_Call_for_Evidence_Debt_Relief_Order_access_conditions_and_creditor_bankruptcy_petitions>; Joseph Spooner, ‘Recalling the Public Interest in Personal Insolvency Law: A Note on Professor Fletcher’s Foresight’ (2015) 3 Nottingham Insolvency Business Law eJournal 537.
43. See e.g. Iain Ramsay, ‘Two Cheers for Europe: Austerity, Mortgage Foreclosures and Personal Insolvency Policy in the EU’ in Hans W Micklitz and Irina Domurath (eds), Consumer Debt and Social Exclusion (2015); Patricia A McCoy, ‘Barriers to Foreclosure Prevention during the Financial Crisis’ (2013) 55 Arizona Law Review 723; International Monetary Fund, ‘Dealing with Household Debt’, World Economic Outlook 2012 (IMF 2012) <http://www.imf.org/external/pubs/ft/weo/2012/01/pdf/c3.pdf>; Alan M White, ‘Deleveraging the American Homeowner: The Failure of 2008 Voluntary Mortgage Contract Modifications’ (2008) 41 Connecticut Law Review 1107.
44. Financial Conduct Authority, ‘High-Cost Credit: Including Review of the High-Cost Short-Term Credit Price Cap’ (FCA Feedback Statement FS17/2, 2017); Joe Lane and Hamse Yusuf, ‘Hire Purchase: Higher Prices’ (Citizens Advice Bureaux 2016).
45. See e.g. Mikki v Duncan [2017] EWCA Civ 57.
46. Reifner (n 1) 555.
47. ibid 559. Note how some commentators expressly explain consumer bankruptcy as being justified by a societal virtue of forgiveness: Heidi M Hurd, ‘The Virtue of Consumer Bankruptcy’ in Ralph Brubaker, Robert M Lawless and Charles J Tabb (eds), A Debtor World: Interdisciplinary Perspectives on Debt (OUP USA 2012); Karen Gross, Failure and Forgiveness: Rebalancing the Bankruptcy System (Yale University Press 1997).
48. See e.g. Ramsay and Spooner (n 24).
49. International Monetary Fund (n 25) 14.
50. Personal Insolvency Act 2012, secs. 145–47.
51. O’Callaghan (A Bankrupt) [2015] IEHC 185.
52. “The job of insolvency law is to compensate for the shortcomings of general contract law, so that the latter can maintain the fundamental fiction that every participant in the market can be prosecuted because he has unlimited access to money at any time.”: Reifner (n 1) 553.
53. See e.g. Iain Ramsay, ‘Consumer Credit Law, Distributive Justice and the Welfare State’ (1995) 15 Oxford Journal of Legal Studies 177.
54. Reifner (n 1) 563.
55. Mian and Sufi (n 4); Mian and Sufi (n 6).