I blame the lax bankruptcy laws in United States (in comparison to Germany). I think it creates a safety net that is too comfortable that the business can (a) g

I blame the lax bankruptcy laws in United States (in comparison to Germany). I think it creates a safety net that is too comfortable that the business can (a) give up too early or (b) use this as a pump & dump scheme where the owners walk away with money they had siphoned off early. Compared to German insolvency procedures [1] > The aim of insolvency proceedings is not to protect the cor-porate debtor from its creditors, but to maximize the insol-vency dividend payable to the creditors. To achieve this aim, proceedings may be directed either at a liquidation of the company’s business or at a reorganization of the company it-self by means of a plan of restructuring (Insolvenzplan). In the event of a liquidation, the company’s business operations may be sold as a going concern to an investor or the business may be wound up and the individual assets sold. 1. https://www.jonesday.com/files/Publication/1ec093d4-66fb-42a6-8115-be0694c59443/Presentation/PublicationAttachment/e5b46572-7aeb-4c34-ab2e-bee2f8f3d3c2/Comparison%20of%20Chapter%2011%20(A4).pdf https://www.jonesday.com/files/Publication/1ec093d4-66fb-42a...