Download or read book The Economics of Bankruptcy Reform written by Philippe Aghion and published by . This book was released on 1992 with total page 78 pages. Available in PDF, EPUB and Kindle. Book excerpt: We propose a new bankruptcy procedure. Initially, a firm's debts are cancelled, and cash and non-cash bids are solicited for the 'new" (all-equity) firm. Former claimants are given shares, or options to buy shares, in the new firm on the basis of absolute priority. Options are exercised once the bids are in. Finally, a shareholder vote is taken to select one of the bids. In essence, our procedure is a variant on the U.S. Chapter 7, in which non-cash bids are possible; this allows for reorganization. We believe our scheme is superior to Chapter 11 since it is simpler, quicker, market-based, avoids conflicts, and places appropriate discipline on management.
Download or read book The Economics of Bankruptcy Reform written by and published by . This book was released on 1977 with total page 206 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Economics of Bankruptcy Reform written by John Hampton Moore and published by . This book was released on 1978 with total page 206 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Making Failure Feasible written by Thomas H. Jackson and published by Hoover Press. This book was released on 2015-10-01 with total page 267 pages. Available in PDF, EPUB and Kindle. Book excerpt: In 2012, building off work first published in 2010, the Resolution Project proposed that a new Chapter 14 be added to the Bankruptcy Code, exclusively designed to deal with the reorganization or liquidation of the nation's large financial institutions. In Making Failure Feasible, the contributors expand on their proposal to improve the prospect that our largest financial institutions—particularly with prebankruptcy planning—could be successfully reorganized or liquidated pursuant to the rule of law and, in doing so, both make resolution planning pursuant to Title I of Dodd-Frank more fruitful and make reliance on administrative proceedings pursuant to Title II of Dodd-Frank largely unnecessary. This book highlights the problems of dealing with large financial institutions in distress, and Chapter 14's responses to those twin issues. The contributors first outline the basic features of Chapter 14 and point to their continuation as well as additional features to ensure the quick resolution of large financial institutions that would not depend on government discretion and would mesh with emerging ideas about cross-border resolution. The remaining chapters provide the context for reform and show how Chapter 14, as envisioned in this book, would be a substantial advance on administrative-focused resolution procedures.
Download or read book Bankruptcy Reform written by United States. Congress. House. Committee on the Judiciary. Subcommittee on Economic and Commercial Law and published by . This book was released on 1994 with total page 750 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Do Reorganization Costs Matter for Efficiency written by Xavier Gine and published by World Bank Publications. This book was released on 2006 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: "The authors study the effect of reorganization costs on the efficiency of bankruptcy laws. They develop a simple model that predicts that in a regime with high costs, the law fails to achieve the efficient outcome of liquidating unviable businesses and reorganizing viable ones. The authors test the model using the Colombian bankruptcy reform of 1999. Using data from 1,924 firms filing for bankruptcy between 1996 and 2003, they find that the pre-reform reorganization proceeding was so inefficient that it failed to separate economically viable firms from inefficient ones. In contrast, by substantially lowering reorganization costs, the reform improved the selection of viable firms into reorganization. In this sense, the new law increased the efficiency of the bankruptcy system in Colombia."--World Bank web site.
Download or read book The economics of bankruptcy reform Discussion Paper no 148 July 1992 written by Philippe Aghion and published by . This book was released on with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Seismic Effects of the Bankruptcy Reform rev Ed written by Donald P. Morgan and published by DIANE Publishing. This book was released on 2010-08 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: The 2005 Bankruptcy Abuse Reform (BAR) act contributed to the surge in subprime foreclosures that followed its passage. Before BAR, over-indebted mortgagors could free up income to pay the mortgage by filing bankruptcy and having their unsecured debts discharged. BAR blocks that maneuver for better-off filers by way of a means test. Identifies the effects of BAR using state home equity bankruptcy exemptions; filers in low-exemption states were not very protected before BAR, so they would be less affected by the reform. Regressions confirm four predictions implied by that identification strategy. Adds to research trying to explain the surge in subprime foreclosures and to a broader literature on household bankruptcy demand and credit supply. Illustrations.
Download or read book Two Hundred Years of Bankruptcy written by Ian Domowitz and published by . This book was released on 1997 with total page 74 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Economics of Bankruptcy Reform written by Philippe Aghion and published by . This book was released on 1992 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Why So Many Bankruptcies and what to Do about it written by Todd J. Zywicki and published by . This book was released on 2003 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Bankrupt in America written by Mary Eschelbach Hansen and published by University of Chicago Press. This book was released on 2020-02-05 with total page 237 pages. Available in PDF, EPUB and Kindle. Book excerpt: In 2005, more than two million Americans—six out of every 1,000 people—filed for bankruptcy. Though personal bankruptcy rates have since stabilized, bankruptcy remains an important tool for the relief of financially distressed households. In Bankrupt in America, Mary and Brad Hansen offer a vital perspective on the history of bankruptcy in America, beginning with the first lasting federal bankruptcy law enacted in 1898. Interweaving careful legal history and rigorous economic analysis, Bankrupt in America is the first work to trace how bankruptcy was transformed from an intermittently used constitutional provision, to an indispensable tool for business, to a central element of the social safety net for ordinary Americans. To do this, the authors track federal bankruptcy law, as well as related state and federal laws, examining the interaction between changes in the laws and changes in how people in each state used the bankruptcy law. In this thorough investigation, Hansen and Hansen reach novel conclusions about the causes and consequences of bankruptcy, adding nuance to the discussion of the relationship between bankruptcy rates and economic performance.
Download or read book Debt s Dominion written by David A. Skeel Jr. and published by Princeton University Press. This book was released on 2014-04-24 with total page 296 pages. Available in PDF, EPUB and Kindle. Book excerpt: Bankruptcy in America, in stark contrast to its status in most other countries, typically signifies not a debtor's last gasp but an opportunity to catch one's breath and recoup. Why has the nation's legal system evolved to allow both corporate and individual debtors greater control over their fate than imaginable elsewhere? Masterfully probing the political dynamics behind this question, David Skeel here provides the first complete account of the remarkable journey American bankruptcy law has taken from its beginnings in 1800, when Congress lifted the country's first bankruptcy code right out of English law, to the present day. Skeel shows that the confluence of three forces that emerged over many years--an organized creditor lobby, pro-debtor ideological currents, and an increasingly powerful bankruptcy bar--explains the distinctive contours of American bankruptcy law. Their interplay, he argues in clear, inviting prose, has seen efforts to legislate bankruptcy become a compelling battle royale between bankers and lawyers--one in which the bankers recently seem to have gained the upper hand. Skeel demonstrates, for example, that a fiercely divided bankruptcy commission and the 1994 Republican takeover of Congress have yielded the recent, ideologically charged battles over consumer bankruptcy. The uniqueness of American bankruptcy has often been noted, but it has never been explained. As different as twenty-first century America is from the horse-and-buggy era origins of our bankruptcy laws, Skeel shows that the same political factors continue to shape our unique response to financial distress.
Download or read book Bankruptcy Reform and Its Implication on the Economy written by Harish Kamal and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The study investigates the impact of bankruptcy reform, Insolvency and Bankruptcy Code (IBC) 2016, on the bank's transformation risk across Indian states. Using state-level data over the period of 2012 to 2019 and by employing a difference-in-difference methodology, we find a significant increase in the financial depth among states with high bank transformation risk compared to other states in the post-IBC period. Further exploration suggests that the IBC has relaxed entrepreneurs' financial constraints, causing an increase in the real economic activities among states with high transformation risk than those with low transformation risk. Furthermore, we find that the reform has significantly increased household income and reduced their reliance on the government-sponsored employment guarantee scheme. Our results are robust to a battery of tests on potential endogeneity concerns. Our study highlights the importance of a sound bankruptcy design to optimally balance the bargaining power of borrowers and lenders which essentially increases the pay-off of both parties during bankruptcy proceedings. That, in turn, contributes significantly to the financial and economic development across states.
Download or read book Bankruptcy Reform written by United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs. Subcommittee on Financial Institutions and Regulatory Relief and published by . This book was released on 1999 with total page 112 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Oxford Handbook of Law and Economics written by Francesco Parisi and published by Oxford University Press. This book was released on 2017 with total page 593 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Oxford Handbook of Law and Economics applies the theoretical and empirical methods of economics to the study of law. Volume 2 surveys Private and Commercial Law.
Download or read book Institutions Incentives and Consumer Bankruptcy Reform written by Todd J. Zywicki and published by . This book was released on 2005 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
