Plasticity in amorphous solids is mediated by localized quadrupolar instabilities, but the mechanism by which an amorphous solid eventually fails or melts is debated. In this work the model problem of an elastic continuum with quadrupolar defects is posed, and the collective behavior of the defects is analytically investigated. Using both renormalization group and field-theoretic techniques, it is found that the model has a yielding/melting transition of spinodal type. It is argued that these results are also relevant to out-of-equilibrium materials, such as glasses.