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Faut-il adopter un système pro-créanciers de défaillances? Une revue de la littérature

  • Gilles Recasens


    (Université Bordeaux 1)

Registered author(s):

    Bankruptcy choices condition, i) the efficiency of liquidation or reorganization decisions, ii) the incen-tives delivered to the debtor-in-place and its creditors. On the one hand, there is no incompatibility between a pro-creditors system and the possibility to reach informal agreements and a high proportion of firms emerging from bankruptcy as going concerns. On the other hand, credit rationing is less severe in such systems. Finally, offering a higher protection for creditors interests, pro-creditors systems let them the possibility to be more lenient. This effect favors the formal reorganization of distressed firms.

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    Article provided by in its journal Revue Finance Contrôle Stratégie.

    Volume (Year): 6 (2003)
    Issue (Month): 1 (March)
    Pages: 119-153

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    Handle: RePEc:dij:revfcs:v:6:y:2003:i:q1:p:119-153
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