identify insolvency-specific optimal incentive mechanisms, while using the general theory on carrots and sticks in legal …The pursuit of ex-ante efficiency in bankruptcy law has been widely discussed in recent law and economics literature … insolvency proceedings as an optimal regulatory response. Moreover, the article provides comparative evidence that exclusive use …

An insolvency administrator replaces the manager of an insolvent firm to devise and organize a liquidation or … reorganization plan in the creditors’ interest. In the course of the process, the insolvency administrator presents the most … because the insolvency administrator, as the better-informed party, considers in his proposal liability risks and reputational …