Mit der Einführung des ESUG wurde das Insolvenzrecht Deutschlands im Jahr 2012 reformiert. Das ESUG eröffnet neue Sanierungswege, z. B. das eigenverwaltete Schutzschirmverfahren vor der Insolvenz und die Eigenverwaltung während des Eröffnungsverfahrens. Insgesamt beantragen weiterhin nur...

On the eve of the financial crisis, a series of Delaware court decisions added up to a radical change in law: Creditors would no longer have the kind of common law protections from opportunism that helped protect their bargain for the better part of two centuries. In this Article, we argue that...

Since 1978, dismissals of involuntary bankruptcy petitions due to petitioning creditors' bad faith have proliferated. In the process, a textual oddity has not gone unnoticed: even as “bad faith” is denominated as the basis for an award of punitive damages, nowhere in the Bankruptcy Code's...

The alienability of legal claims holds the promise of increasing access to justice and fostering development of law. I develop a principal-agent framework where litigation funders provide expertise in reducing uncertainty in agents' disutility of production. The model leads to the...

The lenders that fund Chapter 11 reorganizations exert significant influence over the bankruptcy process through the contract associated with the debtor-in-possession (“DIP”) loan. In this Article, we study a large sample of DIP loan contracts and document a trend: over the past three...

This research examines the seminal heuristic of anchoring and adjustment and its effects on personal bankruptcy proceedings. Using a unique and detailed database of bankruptcy files we analyze the effect of the official receiver's recommendation on court decisions. The official receiver in...

The present paper explores the link between bankruptcy law and firms' dynamics, focusing on Italy as a case study. Relying on a previous literature dealing with the concept of entrepreneurship “friendly” bankruptcy law, we stress the idea that bankruptcy institutions, although connected to a...

This Working Paper addresses Petróleos de Venezuela, S.A. (PDVSA), a State Owned Enterprise (SOE) and National Oil Company (NOC) fully owned by Venezuela, which operates the oil and gas industry in the country, and its eventual insolvency and default on its payments obligations due under its...

Across the criminal and civil justice systems, research regarding procedural justice — feeling that one has a voice, is respected, and is before a neutral and even-handed adjudicator — shows that people's positive perceptions of legal processes are fundamental to the legal system's...