the Spanish bankruptcy system relative to that of an alternative insolvency institution, the mortgage system, and the … a hypothesis to explain why Spain has one of the world’s lowest business bankruptcy rates, even during the current … unattractiveness of the personal bankruptcy law …

low creditor protection of the Spanish bankruptcy system relative to those of an alternative insolvency institution …The paper warns about the potential efficiency losses associated with low business bankruptcy rates (number of firms … filing for bankruptcy as a proportion of the total stock of firms) and shows that welfare could be improved by increasing the …

main alternative procedure, the mortgage foreclosure; (ii) personal bankruptcy law is unattractive to the individual debtor …Small businesses, the majority of Spanish fi rms, rarely fi le for formal bankruptcy, and this has been the case even … during the current economic crisis. This suggests that bankruptcy law has a limited role to play in the distress of small fi …

outside funds. If bankruptcy law favors reorganization over liquidation, the managers’s value of debt for a given investment …