In 2011, German legislators passed the latest reform to German Insolvency Law (ESUG). ESUG mandates that creditors of … larger firms can exert more influence on the appointment of the insolvency administrator, resulting in a shift of power from …

In an attempt to match US bankruptcy law, many European countries have reformed their insolvency laws towards a regime … difference-in-differences analysis around eight insolvency reforms in 15 European countries, this paper finds a relative increase …. Overall, the results are consistent with the view that creditors may be negatively affected by insolvency law reforms oriented …