¡¥catastrophic¡¦ failure (bankruptcy or liquidation). The failure rate has fallen significantly in the past decade ¡V the estimated …

This paper analyses bank exit (ie reorganisation and liquidation) legislation in selected financial centres: New York …

This paper suggests a framework to analyze the efficiency properties of bankruptcy procedures, distinguishing between … protection of the creditors' seniority, are crucial to asses the ex-ante efficiency of a bankruptcy procedure. …

bankruptcy codes stipulate an automatic stay of assets that prevent bondholders from triggering liquidation and thus impact many … reorganization or liquidation if the value of the firm falls below a certain threshold. In the event of default, however, many … liquidation driven by a liquidation trigger. This trigger accumulates with time and severity of distress. In addition, current …