I have been involved in regulatory work for many years and written extensively on regulatory matters, especially as a staunch advocate of the need for the law to be aligned to business innovation and entrepreneurial risk-taking.
One subject I have studied above any other is the evolution of segregated business forms and their use in innovative structures (at least at the time). Segregated business forms are now well established and recognised in many countries around the world. But in its early years it remained part of what I call ‘frontier law’, that space where the drive for product innovation challenges existing legal, regulatory and/or even insolvency boundaries.
The late Professor Larry Ribstein (himself a leading proponent of the dynamic processes of business innovation) writing the preface for the 2nd edition of my co-authored PCC book summarised it quite well:
“There is a question of how the development of the PCC may be affected by…