Bankruptcy & Insolvency

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Bankruptcy

12 January 2021

Revisiting the Asset Fire Sale Discount: Evidence from Commercial Aircraft Sales

Using a sample of commercial aircraft transactions, the paper decomposes the raw fire sale discount on sales of aircraft by distressed airlines into three components: (i) quality impairment due to under-maintenance, (ii)...

Julian Franks | Gunjan Seth | Oren Sussman | Vikrant Vig

Fiduciary Duty

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 difficult to identify its boundaries, and the content of these duties is equally uncertain and...

Amir Licht

Bankruptcy

20 August 2020

Bail-outs and Bail-ins are better than Bankruptcy: A Comparative Assessment of Public Policy Responses to COVID-19 Distress

COVID-19 has severely disrupted the conduct of business around the globe. In jurisdictions that impose one or more ‘lockdowns’, multiple sectors of the real economy must endure prolonged periods of reduced trading or even total...

Kristin van Zwieten | Horst Eidenmüller | Oren Sussman

Insider Trading

05 May 2020

Some Reflections on the Self-insider and the Market Abuse Regulation – The Self-insider as a Monopoly-Square Insider

This article deals with the self-insider, i.e. the possible creation of the inside information by a person and its (abusive) exploitation. It describes the situation in Italy and Germany and then provides a taxonomy of the several cases...

Stefano Lombardo