Brief English Introduction
The SPC frames substantive consolidation as exceptional. It requires serious commingling, high separation costs, and a risk to equal creditor treatment.
Use It For
Use this case for corporate groups, enterprise personality, creditor equality, and the relationship between veil-piercing logic and bankruptcy procedure.
Teaching Notes
Ask students whether the case is best understood as a bankruptcy remedy, a group-law remedy, or a procedural version of personality denial.