the efficiency of insolvency and enforcement processes. Traditionally, these processes in Italy have taken very long … explores the recent insolvency and enforcement reforms and the remaining challenges. These reforms introduce important positive …

about the design of debt contracts. The results derive from the premise that firms must avoid legal insolvency when issuing … new debt because insolvency at issuance would trigger severe operational limitations on the issuer. I first show that … legal insolvency limits debt capacity, limiting the amount of money that a firm can raise with debt. I next show that legal …

bankruptcy law, and personal insolvency is not been included. The alternative dispute resolutions, like the system of … unable to solve the problem of debt liquidation at its root. Meanwhile, the new situation of consumer finance expansion and …

, especially, the financial cost of filing for bankruptcy. We study the effects of the reform on bankruptcy, insolvency, and …. We find that the decline in bankruptcy filings resulted in a rise in the rate and persistence of insolvency as well as an … that insolvency is associated with worse financial outcomes than bankruptcy, as insolvent individuals have less access to …