In Germany, for example, the number of insolvencies has almost halved in the past years, dropping from just over 39,300 in the year 2003 to a little more than 20,000 in the year 2017 (Federal Statistical Office of Germany 2018).2 To put that number into perspective: There are just over 11,000 municipalities in Germany.
We in the United States endeavored to lessen legal uncertainty by embedding our most fundamental principles in a constitution, which we made difficult to amend. The commercially and economically salient specifics are typically expressed in federal or state statutes.