Bankruptcy reform: Evidence from a survey among judges and receivers
AbstractDue to low success rates, several European countries have recently reformed their U.S. Chapter 11-type bankruptcy procedures or are planning future reforms. Using unique data from a survey among judges and insolvency practitioners (receivers), we explore the ex ante expectations of the impact of the 2009 adjustments to the Belgian reorganization procedure, including cost reductions, improvement of the procedure’s reputation, encouraging informal reorganizations and appointing a mediator. The general assessment is moderately positive, although judges are significantly more optimistic than receivers. In addition, we find that the respondents’ expectations are related to their views on the current system, perceived causes of failure and regional characteristics. We conclude by formulating policy recommendations.
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Bibliographic InfoPaper provided by Katholieke Universiteit Leuven in its series Open Access publications from Katholieke Universiteit Leuven with number urn:hdl:123456789/234420.
Date of creation: 2010
Date of revision:
Publication status: Published in Applied Economics Letters (2010) v.17, p.1367-1371
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Web page: http://www.kuleuven.be
bankruptcy; survey evidence; insolvency systems; bankruptcy reform; law and economics;
Other versions of this item:
- Nico Dewaelheyns & Cynthia Van Hulle, 2010. "Bankruptcy reform: evidence from a survey among judges and receivers," Applied Economics Letters, Taylor and Francis Journals, vol. 17(14), pages 1367-1371.
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