The first afternoon session included three presentations addressing the issue of whether regulatory requirements are required or helpful to ensure efficient creditor protection. The chairman, Marcus Lutter of the University of Bonn, introduced the afternoon's topic by highlighting the positive effects a legal capital concept might have. John Armour of Cambridge University questioned this concept in his presentation by arguing that such a regime was outdated in today's economy. Holger Fleischer of the University of Bonn followed with additional critical remarks. In his comments, he referred to the distinction between voluntary and involuntary creditors, the latter having no opportunity to protect themselves by means of a contract. One example given were tort victims. John Armour focused strongly on a similar distinction; however, he referred to them as adjusting creditors and non-adjusting creditors. Most participants agreed on the major relevance of this distinction.