This article sets out general principles for designing the role of corporate insolvency courts. The authors identify four general considerations relevant to that design: (a) the sophistication and development of the relevant private markets and private law, (b) the applicable background corporate law principles, (c) the competence—in terms of experience and sophistication, capacity and resources, efficiency, and neutrality and lack of corruption—of the courts in question, and (d) the availability of alternative systems through forum and venue shopping or other forms of exit. Having identified these considerations, the article then explores how each affects the role that insolvency courts should play and the level of discretion courts should exercise. The authors also discuss the extent to which other procedural or insolvency provisions can substitute for judicial oversight and discretion.

中文翻译：

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破产法院：系统设计的一般原则

本文阐述了设计公司破产法院角色的一般原则。作者确定了与该设计相关的四个一般考虑因素：(a) 相关私人市场和私法的复杂性和发展，(b) 适用的背景公司法原则，(c) 能力——在经验和复杂性方面，相关法院的能力和资源、效率、中立性和杜绝腐败，以及 (d) 通过法院和场地选择或其他退出形式提供替代系统。确定了这些考虑因素后，本文接着探讨了每一个因素如何影响破产法院应发挥的作用以及法院应行使的裁量权水平。作者还讨论了其他程序或破产条款可以在多大程度上替代司法监督和自由裁量权。