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Approach', guide the resolution of financial distress by creditors of large UK firms and act as a substitute for legal …
Persistent link: https://www.econbiz.de/10005813027
Law and economics scholarship has contributed greatly to our understanding of corporate insolvency law. This paper provides an overview of this literature. It begins by defining some relevant terminology, and then reviews theories about the goals of insolvency law. It then considers Jackson's...
Persistent link: https://www.econbiz.de/10005813032
Must policymakers seeking to replicate the success of Silicon Valley’s venture capital market first replicate other US institutions, such as deep and liquid stock markets? Or can legal reforms alone make a significant difference? In this paper, we compare the economic and legal determinants of...
Persistent link: https://www.econbiz.de/10005813038
company rescue and to produce better returns for creditors as a whole’. Administrative receivership, which placed control of … office owes duties to all creditors and must act in accordance with a statutory hierarchy of objectives. In this article, we …
Persistent link: https://www.econbiz.de/10005813052
reviewed here and is shown to cast new light on some of the central claims of legal origins theory. Legal origins are shown to …
Persistent link: https://www.econbiz.de/10010614655
A popular perception is that administrative receivers and their appointors hold 'too much' power in relation to troubled companies. Consideration of this issue is timely, because insolvency law is currently under review. We argue although the law's formal structure is imbalanced, this can...
Persistent link: https://www.econbiz.de/10005687971
single lender. Detractors point to the costs imposed on other creditors by a senior claimant's inadequate incentives to … bankruptcy law permitted firms to give complete ex post control to secured creditors, through a procedure known as Receivership … unsecured creditors to the governance of bankrupt firms, through a combination of voting rights and fiduciary duties. We present …
Persistent link: https://www.econbiz.de/10005688015
The threat of systemic risk in international financial markets necessitates the establishment of universal standards for corporate governance of financial institutions. This paper addresses some important issues and concepts in the governance of multinational financial institutions and why...
Persistent link: https://www.econbiz.de/10005162857
Core institutions of UK corporate governance, in particular those relating to takeovers, board structure and directors’ duties, are strongly orientated towards a norm of shareholder primacy. Beyond the core, in particular at the intersection of insolvency and employment law, stakeholder...
Persistent link: https://www.econbiz.de/10005687992
creditors; and (iv) the mechanisms employed to assist third parties in discovering that security has been granted. In each case …
Persistent link: https://www.econbiz.de/10005688000