Bankruptcy law and large complex financial organizations: a primer
Large complex financial organization (LCFOs) are exposed to multiple problems when they become insolvent. They operate in countries with different approaches to bankruptcy and, within the U.S., multiple insolvency administrators. The special financial instruments that comprise a substantial portion of LCFO assets are exempted from the usual "time out" that permits the orderly resolution of creditor claims. This situation is complicated by the opacity of LCFIs' positions, which may make them difficult to sell or unwind in times of financial crisis. This article discusses these issues and their origins.
Volume (Year): (2003)
Issue (Month): Q I ()
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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- John Armour, 2001. "The Law and Economics of Corporate Insolvency: A Review," ESRC Centre for Business Research - Working Papers wp197, ESRC Centre for Business Research.
- Furfine, Craig H, 2003. " Interbank Exposures: Quantifying the Risk of Contagion," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 35(1), pages 111-28, February.
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