The principal aim of this study is to analyze the conduct of renegotiations between the shareholders of a company facing financial difficulty (which is operationally viable but insolvent as a result) and its bank creditors. The objective is also to assess the effects of French bankruptcy...

Using a large sample of accounting data for non financial companies in France on the period 1990-2004, the paper studies the interactions between macroeconomic shocks and companies financial fragility. We consider links in both directions, namely whether .rms. bankruptcies are affected by...

The financial crisis has exposed the limitations of French bankruptcy law. The fundamental criticism is that, when designing French bankruptcy law, French law makers have never tried to use the lessons learned from Law and Economics. French law ignores the fact that shareholders' interests can...

This paper argues that a special bank bankruptcy regime is desirable for the efficient restructuring and/or liquidation of distressed banks. We first explore the principal features of corporate bankruptcy law. Next, we examine the specific characteristics that distinguish banks from other...

In this paper, we test the characteristics of bankruptcy procedures that are likely to generate recoveries for the creditors. Such recoveries are related to the performance of bankruptcy law as they stem from the procedures' ability to preserve the value of bankrupt firms, as basis of creditors'...

Most of French international private law is not codified, except for private law regarding family matters, that is included in the French Civil Code. The French Corporate Insolvency Act (nowadays a part of the Code of Commerce: Art. L. 600-1ff), and the following law reform acts of 7/26/2005 and...

This is a chapter from a forthcoming book on the treatment of former entrepreneurs in the Dutch personal insolvency law (the Wsnp). To contribute a comparative perspective, this chapter contrasts the Dutch law and practice with developments in the United States, England and Wales, Germany,...

This paper argues that a special bank bankruptcy regime is desirable for the efficient restructuring and/or liquidation of distressed banks. We first explore the principal features of corporate bankruptcy law. Next, we examine the specific characteristics that distinguish banks from other...

The recent debt reduction operation carried out by Technicolor using the proceeds of two capital increases (one reserved for an institutional investor, the other maintaining shareholders' preferential subscription rights), just two years after the end of the bankruptcy proceedings, raises...

One particularity of the French bankruptcy law is that it provides bankrupt rms with two forms of reorganization. The Court may order either the continuation of the bankrupt firm in the same entity or the sale of the bankrupt firm to another entity as going-concern. The purpose of this paper...