Participants will acquire an understanding of the rules, principles and policies underlying modern bankruptcy and insolvency law. The principal focus of the course is on the federal Bankruptcy and Insolvency Act. Topics include the invocation of bankruptcy, the vesting of property in the trustee in bankruptcy, the effect of bankruptcy on third parties, impugning pre-bankruptcy transactions, the scheme of distribution, and bankruptcy discharge. The course will also examine reorganizations under the federal Companies' Creditors Arrangement Act, and review the foundational features of receivership law.