A generally accepted view is that sophisticated bankruptcy procedures are required to mitigate coordination failures and fire sale discounts arising from financial distress. In this paper, we study an industry not subject to mandatory bankruptcy...Read more
This paper looks at the phenomenon of “defensive regulatory competition” in European corporate law following Centros, Überseering and Inspire Art. In order to retain control over the corporate governing...Read more
This Article analyzes the functioning of the European regulatory approach to the crisis of credit institutions, in the framework of EU banking supervision and in light of its early applications, with a special focus on bail-in. We investigate how...Read more
The European Commission has proposed a directive on ‘preventive restructuring frameworks’ for financially distressed firms. I demonstrate that the proposal is flawed because it creates a refuge for failing firms that should be liquidated, because...Read more
Insolvency proceedings and issues relating to personal and business insolvencies are the daily subject of scholarly work and insolvency practice. But what is an insolvency proceeding? And why is this an important question? This article deals with...Read more
This chapter deals with fundamental issues of corporate insolvency law. Particular attention is paid to the agency problems related to ?bankruptcy governance? and how these are addressed in various jurisdictions. Methodologically, the chapter is...Read more
In this Essay on Lynn LoPucki and Bill Whitford?s corporate reorganization project, written for a symposium honoring Bill Whitford, I begin by very briefly describing its historical antecedents. The project draws on the insights and perspectives...Read more
This paper critically reviews the EU Commission?s proposals for a reform of the European Insolvency Regulation (EIR). The focus of the paper is on the Regulation?s use as a tool for business restructuring in Europe. The paper argues that the...Read more
Much attention has been devoted in recent literature to the claim that a country’s ‘legal origin’ may make a difference to its pattern of financial development and more generally to its economic growth path. Proponents of this view assert that...Read more
This paper makes a case for the future development of European corporate law through regulatory competition rather than EC legislation. It is for the first time becoming legally possible for firms within the EU to select the national company law...Read more
Before Centros, many EU Member States used the “real seat theory” to hinder regulatory arbitrage. Its purpose was not the protection of...Read more
