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

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  • Gilles Recasens

    (Université Bordeaux 1)

Abstract

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.

Suggested Citation

  • Gilles Recasens, 2003. "Faut-il adopter un système pro-créanciers de défaillances? Une revue de la littérature," Revue Finance Contrôle Stratégie, revues.org, vol. 6(1), pages 119-153, March.
    • Handle: RePEc:dij:revfcs:v:6:y:2003:i:q1:p:119-153
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    References listed on IDEAS

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    1. Catherine Refait, 2005. "Soutien financier ou mise en faillite de l'entreprise? Comprendre la décision de la banque," Revue Finance Contrôle Stratégie, revues.org, vol. 8(1), pages 131-157, March.

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    More about this item

    Keywords

    financial distress; bankruptcy law; incentives; filtering failures; bankruptcy costs.;
    All these keywords.

    JEL classification:

    • G33 - Financial Economics - - Corporate Finance and Governance - - - Bankruptcy; Liquidation
    • K40 - Law and Economics - - Legal Procedure, the Legal System, and Illegal Behavior - - - General

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