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Analyse économique du droit de la faillite : les dix fonctions des procédures collectives


  • Régis Blazy
  • Afef Boughanmi
  • Bertrand Chopard
  • Aziza Letaief


This article proposes an original economic analysis of the bankruptcy systems prevailing in 20?countries (European and non-European ones). We identify ten major functions for insolvency procedures: accessibility, flexibility, insolvency costs, information, protection of the debtor's assets, protection of the claims, coordination, decision power, sanctions, orientation towards liquidation/reorganization. We suggest that the usual antagonisms between debtor-friendly vs. creditor-friendly systems, and/or regarding the origins of the legal systems (civil law vs. common law) are far too rough and superficial to drive the localization strategies of the foreign investors. Each insolvency system has specific strengths and weaknesses, which are straightforward to identify, and that vary from one category of stakeholders to the other. Classification JEL: G33, K15, K22.

Suggested Citation

  • Régis Blazy & Afef Boughanmi & Bertrand Chopard & Aziza Letaief, 2018. "Analyse économique du droit de la faillite : les dix fonctions des procédures collectives," Revue d'économie financière, Association d'économie financière, vol. 0(1), pages 117-160.
  • Handle: RePEc:cai:refaef:ecofi_129_0117

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    JEL classification:

    • G33 - Financial Economics - - Corporate Finance and Governance - - - Bankruptcy; Liquidation
    • K15 - Law and Economics - - Basic Areas of Law - - - Civil Law; Common Law
    • K22 - Law and Economics - - Regulation and Business Law - - - Business and Securities Law


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