approximately 11,000 West German firms from all major sectors of the German economy. We distinguish between voluntary liquidation … without losses to creditors, and bankruptcy as forced liquidation. We demonstrate that firms under limited liability are … of insolvencies is a non-monotonic function of firm size while the likelihood of voluntary liquidation decreases …

liquidation and reorganization during economic transformation. The reforms of the financial system and other important factors in … economic transformation influence the impact of bankruptcy regulation in a way distorting it towards liquidation. …