In U.S. Chapter 11 bankruptcy cases, some firms are liquidated. Others emerge and continue operating. I show that … assignment of bankruptcy judges to estimate a structural model of bankruptcy. I estimate that 21% of the cases in my sample … concluded with a liquidation that reduced total creditor recovery. Liquidations involving "363 sales,” in which managers sell …

We take a retrospective look at Hungary's experiment with a articularly draconian bankruptcy law. For an eighteen …-month period in 1992-93, the Hungarian bankruptcy code contained an unusual automatic trigger that required the managers of firms … that held overdue debts of any size to any creditor to initiate reorganization or liquidation proceedings to avoid …