The College is an honorary association of insolvency professionals, including private and corporate practitioners, academics, trustees, judges, and government officials. “Nominees are extended an invitation to join based on a record of achievement reflecting the highest standards of professionalism,” the College stated in a press release. “Criteria for selection include: the highest standard of professionalism, ethics, character, integrity, professional expertise and leadership contributing to the enhancement of bankruptcy and insolvency law and practice; sustained evidence of scholarship, teaching, lecturing or writing on bankruptcy or insolvency; and commitment to elevate knowledge and understanding of the profession and public respect for the practice”
Fellows are selected by a Board of Regents from among recommendations received from the Circuit Admissions Council in each federal judicial circuit.
The founding and co-academic director of Duke University’s Global Capital Markets Center, Schwarcz focuses his scholarship and teaching on commercial law, bankruptcy, international finance, and capital markets. He has published extensively on issues relating to the current financial crisis, including on the future of securitization, and is the author of the leading legal article on systemic risk.
As a practitioner prior to joining the Duke Law faculty, Schwarcz represented many of the world's leading banks and other financial institutions in structuring innovative capital market financing transactions, both domestic and international. He also helped to pioneer the field of asset securitization, and his book, Structured Finance, A Guide to the Principles of Asset Securitization (3d edition 2002), is one of the most widely used texts in the field. Schwarcz testified in October 2007 before the House Committee on Financial Services on the issue of systemic risk and the ability of the financial regulatory structure to respond to threats to the financial system.