This book investigates the political and social forces that shaped the development of corporate bankruptcy law in England and the United States. Authors Bruce G. Carruthers and Terence C. Halliday utilize a sociolegal framework to analyze how insolvency regulations emerged from the competing interests of capital and labor. By examining the professional influence of lawyers, the authors argue that substantive law is not merely a product of economic necessity but a result of ongoing conflicts among the legal practitioners who administer these systems.

Experts recognize this work as a significant contribution to the sociology of law, particularly for its focus on the professionalization of bankruptcy administration. Scholars frequently cite the text for its rigorous comparative methodology and its ability to bridge the gap between economic theory and legal practice.