The meaning of the third sentence of the final paragraph would remain most nearly the same if "regime" were replaced ...

Emil-Kunkin on September 5, 2023

Hi, the passage is discussing different systems and ways for disposing of the assets of bankrupt entities. In context, the term regime applies to the entire system by which bankrupt entities consider who is harmed the most, creditors will suffer and thus raise rates. This is a description at a systems level, not at the level of individual laws.