As for corporate bankruptcy, it is recognized that a poor legal system is one that keeps otherwise viable factories shuttered while assets are frittered away in expensive legal wrangling, leaving everyone – managers, workers, and shareholders – worse off. A good legal system permits employment and production to continue in cases where the economic activity is still viable; divides up the remaining assets in an orderly and generally accepted way; and makes these determinations as efficiently and speedily as possible, while discouraging future carelessness by imposing costs on managers, shareholders, and – if necessary – creditors.
而对于公司破产，我们已经意识到，在糟糕的法律体系中，本可以存活的工厂倒闭，而资产在昂贵的法律扯皮中灰飞烟灭，所有人——管理者、工人和股东——都遭受损失。而良好的法律体系让招聘和生产在经济活动仍然可行时能够继续；以有序的、能被总体接受的方式分割剩余资产；并以尽可能快的速度和尽可能高的效率做出决定，同时通过让管理者、股东以及——如有必要的话——债权人承担代价，以阻止未来的不审慎行为。