. The bankruptcy code is a "primitive creditor system" and financial distress leads to an arbitration between private … agreement and costly formal bankruptcy. We consider a standard debt contract between a bank and a small firm, both risk … show that costly formal bankruptcies may occur at equilibrium and the internalization of bankruptcy costs is impossible …

The aim of this paper is to provide new evidence on the value-creation process taking place in bankruptcy procedures … extent the debtor’s value can be preserved under bankruptcy by analyzing the recovery rates in France, Germany, and the … United Kingdom. We use a unique European sample of 900 corporate bankruptcy files that were manually collected in commercial …

during the period 1977-87. Descriptive statistics from the data are used to characterize the0501n features of the bankruptcy … process in Canada. Firms in bankruptcy or in reorganization are typically small firms; the former being significantly smaller … than the latter. The data shows that firms in bankruptcy are in significantly worse financial condition than firms in …

The0501n objective of the new Bankruptcy Act (Bill C-22) is to promote the use of financial reorganization in order to …, that there are several reasons to believe that encouraging firms that would otherwise have opted for bankruptcy to …

discussion of the solutions to financial distress with a particular emphazis on the use of the bankruptcy law. We discuss the … functionning of the Canadian bankruptcy law, the problems arising from the use of legal frameworks such as those prevailing in …

bankruptcy procedure is triggered off. This arbitration depends on the legal context and, more specifically, on the national … bankruptcy code. No study has been done on the French Civil Law. Yet, this legal system has inspired other important legislations … inclination for liquidation, collaterals may increase the occurrence of bankruptcy, provided the law facilitates such liquidation …

Under the assumption that asset markets are incomplete, this paper introduces bankruptcy in an intertemporal … argues that intervention in the form of a level of bankruptcy exemption can enhance not only social welfare but also … distributive equity. The bankruptcy law is carefully specified in the model. The model generates distributional changes in …

general equilibrium model. Binding ceilings on loan rates reduce the probability of bankruptcy. Lower bankruptcy rates result … in lower bankruptcy and liquidation costs. The authors state conditions under which the resources freed by this cost …

. Furthermore, Canadian data yield no support for the claim that problems with bankruptcy law result from an over-abundance of small … dernière décennie, le Chapitre 11 du U.S. Bankruptcy Code a été l'objet de critiques importantes de la part de juristes et d …