Congratulations to our Global Academic Fellow, Dr Alex Huang, whose submitted paper The Doctrinal Evolution of Bankruptcy Law was awarded the Gold Medal in International Insolvency Institute (III) 2025 Prize in International Insolvency Studies.
Dr. Alex Huang applies network analysis and natural language processing to a dataset of 6,500 bankruptcy opinions issued between 1982 and 2017. His study traces a doctrinal shift in the relationship between two sets of rules: distributional rules, which determine the priority and payoff of creditors, and operational rules, which aim to preserve or enhance firm value through business operations. Although the U.S. Bankruptcy Code itself has remained largely intact, the relationship between these two types of rules has changed dramatically over the past three decades—shifting from unbundling to bundling. This work reveals a profound evolution in the practice of corporate reorganization.
The International Insolvency Institute is a non-profit, limited-membership organization dedicated to advancing and promoting insolvency as a respected discipline in the international field. Its primary objectives include improving international co-operation in the insolvency area and achieving greater coordination among nations in multinational business reorganizations and restructurings. The III Prize is awarded for original legal research, commentary or analysis on topics of international insolvency and restructuring significance and on comparative international analysis of domestic insolvency and restructuring issues and developments. The Prize Competition is open to full and part-time undergraduate and graduate students and to practitioners in practice for nine years or less.
Past recipients of the III Prize include leading scholars in the field of insolvency law, among them Professor Irit Ronen-Mevorach of Warwick Law School and Professor John Pottow of the University of Michigan.
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