This article demonstrates that the Trust Indenture Act, a Depression-era statute governing bond indentures, cannot have been intended to prohibit debt restructurings like the one in Marblegate. In that decision, a federal court recently held that a debt restructuring violated the non-impairment...

Chrysler entered and exited bankruptcy in 42 days, making it one of the fastest major industrial bankruptcies in memory. It entered as a company widely thought to be ripe for liquidation if left on its own, obtained massive funding from the United States Treasury, and exited via a pseudo sale of...

The recent House of Lords decision in Barclays Bank plc v O'Brien gives accepted good banking practice the sanction of the law and strengthens its practical delivery. As a minimum, creditors who accept guarantees or securities from a cohabitee of the true debtor must warn the proposed surety, at...

This paper analyzes the costs and benefits of a no-fault-default debt structure as an alternative to the typical bankruptcy process. We show that the deadweight costs of bankruptcy can be avoided or substantially reduced through no-fault-default debt, which permits a relatively seamless transfer...

Possessory liens are one of the long-established property rights acknowledged by the law. Under certain conditions, a creditor will be entitled to withhold an asset owned by the debtor until the latter repays his debts. The creditor will gain priority over other creditors, even creditors that...

In deze bijdrage wordt ingegaan op de positie van de derden ten aanzien van een overdracht van schuldvordering en wordt onderzocht wie rechten kan laten gelden ten aanzien van de gecedeerde schuldvordering.This contribution examines the position of the third party in respect of a transfer of a...

This work aims to shed new light on the relation between institutional performance and firm dynamics. Considering the Italian manufacturing industry and a panel of 3 years, the authors investigate the relation between the time needed by courts to enforce debtors' obligations and the time needed...

As regards close-out netting provisions and financial collateral arrangements, one of the main consequences of the recent financial crisis has been the review of the privileged status of these instruments. This paper describes, in general terms, these changes and analyzes the policy underlying...