Insolvency

Working Paper

03 November 2020

My Creditor’s Keeper: Escalation of Commitment and Custodial Fiduciary Duties in the Vicinity of Insolvency

Fiduciary duties in the vicinity of insolvency form a notoriously murky area, where legal space warps. Courts openly acknowledge that it is exceptionally difficult to identify its boundaries, and the content of these duties is equally...

Amir Licht
01 May 2017

The Privatization of Bankruptcy: Evidence from Financial Distress in the Shipping Industry

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...

Julian Franks | Gunjan Seth | Oren Sussman | Vikrant Vig
01 March 2013

A New Framework for Business Restructuring in Europe: The EU Commission's Proposals for a Reform of the European Insolvency Regulation and Beyond

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...

Horst Eidenmüller
01 July 2009

How Do Legal Rules Evolve? Evidence From a Cross-Country Comparison of Shareholder, Creditor and Worker Protection

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...

John Armour | Simon Deakin | Priya Lele | Mathias Siems

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