Faut-il adopter un système pro-créanciers de défaillances? Une revue de la littérature
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.
When requesting a correction, please mention this item's handle: RePEc:dij:revfcs:v:6:y:2003:i:q1:p:119-153. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Gérard Charreaux)
If references are entirely missing, you can add them using this form.