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This paper examines how the category of failure was economised and made calculable. It explores the preconditions for this shift in three stages. First, it explores how failure came to be ‘forgiven’ in both the U.S. and the U.K. across the nineteenth century, how it came to be defined as...
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‘Safe harbour’ is shorthand for a bundle of privileges in insolvency which are typically afforded to financial … protection against the fallout of the counterparty’s insolvency contributes to systemic stability, as the feared ‘domino effect …
Persistent link: https://www.econbiz.de/10011264787
The restructuring of a bankrupt company often entails the sale of such company. This paper suggests a way to sell the company that maximizes the creditors’ proceeds. The key to this proposal is the option left to the creditors to retain a fraction of the shares of the company. Indeed, by...
Persistent link: https://www.econbiz.de/10011071365
when a debtor's iabilities exceed its assets. In the absence of a bankruptcy law, the private debt-collection remedies that …In this article we provide a rationale for bankruptcy law that is based on the conflicts among creditors that occur … creditors pursue when a debtor is insolvent result in an ad hoc disposal of the debtor's assets, thereby reducing the aggregate …
Persistent link: https://www.econbiz.de/10005776293