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Different Approaches to Bankruptcy

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  • Oliver Hart

Abstract

In the last fifteen years or so, lawyers working in law and economics and economists with an interest in legal matters have turned their attention to the topic of bankruptcy. A large amount of work has resulted, both theoretical and empirical, some of which has been concerned with the functioning of existing bankruptcy procedures and some with bankruptcy reform. Although researchers in this area have expressed different views, I believe that one can identify a conssensus on certain issues, e.g., the goals of bankruptcy and some of the characteristics of an efficient bankruptcy procedure. This paper summarizes this consensus. One point I will stress is that it is unlikely that "one size fits all." That is, although some bankruptcy procedures can probably be rejected as being manifestly bad, there is a class of procedures that satisfy the main criteria of efficiency. Which procedure a country chooses or should choose may then depend on other factors, e.g., the country's institutional sstructure and legal tradition. One can also imagine a country choosing a menu of procedures and allowing firms to select among them.

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Bibliographic Info

Paper provided by Harvard - Institute of Economic Research in its series Harvard Institute of Economic Research Working Papers with number 1903.

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Date of creation: 2000
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Handle: RePEc:fth:harver:1903

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  1. Rafael LaPorta & Florencio Lopez-de-Silanes & Andrei Shleifer & Robert W. Vishny, . "Law and Finance," Working Paper 19451, Harvard University OpenScholar.
  2. Aghion, Philippe & Hart, Oliver & Moore, John, 1992. "The Economics of Bankruptcy Reform," Journal of Law, Economics and Organization, Oxford University Press, vol. 8(3), pages 523-46, October.
  3. Todd C. Pulvino, 1998. "Do Asset Fire Sales Exist? An Empirical Investigation of Commercial Aircraft Transactions," Journal of Finance, American Finance Association, vol. 53(3), pages 939-978, 06.
  4. Oliver Hart & Rafael La Porta Drago & Florencio Lopez-de-Silane & John Moore, 1997. "A New Bankruptcy Procedure that Uses Multiple Auctions," NBER Working Papers 6278, National Bureau of Economic Research, Inc.
  5. Rowat, M. & Astigarraga, J., 1999. "Latin American Insolvency Systems. A Comparative Assessment," Papers 433, World Bank - Technical Papers.
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