IDEAS home Printed from https://ideas.repec.org/a/ris/actuec/v80y2004i4p655-669.html
   My bibliography  Save this article

Enchères, redressement ou liquidation judiciaire

Author

Listed:
  • Chopard, Bertrand

    (CREDES)

Abstract

This article reviews developments concerning how firms, their stakeholders or bankruptcy courts may use auctions to resolve financial and economic distress. In our analysis, we give special attention to the two major following questions. First, what are the comparative advantages and limits of the two rival systems : the auction and the reorganization procedure where an official decides whether the firm should be continued or liquidated? Second, how to introduce auctions in a reorganization process where bankruptcy court has a great influence? Cet article offre une revue argumentée et critique de la littérature consacrée à l’utilisation d’un mécanisme d’enchères dans le traitement des défaillances d’entreprises au travers de deux questions. Quels sont les avantages et les inconvénients des deux systèmes a priori rivaux, l’enchère et la procédure collective fondée sur une analyse détaillée des possibilités de redressement de l’entreprise effectuée par le tribunal ? Puis, quelles sont les difficultés posées par l’introduction d’une procédure d’enchères dans un système juridique hermétique à cet instrument? Par ce biais, c’est la question plus générale de la réforme des procédures collectives fortement encadrées par le tribunal qui est abordée.

Suggested Citation

  • Chopard, Bertrand, 2004. "Enchères, redressement ou liquidation judiciaire," L'Actualité Economique, Société Canadienne de Science Economique, vol. 80(4), pages 655-669, Décembre.
  • Handle: RePEc:ris:actuec:v:80:y:2004:i:4:p:655-669
    as

    Download full text from publisher

    File URL: http://id.erudit.org/iderudit/012131ar
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Philippe Aghion & Oliver D. Hart & John Moore, 1994. "The Economics of Bankruptcy Reform," NBER Chapters, in: The Transition in Eastern Europe, Volume 2, Restructuring, pages 215-244, National Bureau of Economic Research, Inc.
    2. Shleifer, Andrei & Vishny, Robert W, 1992. "Liquidation Values and Debt Capacity: A Market Equilibrium Approach," Journal of Finance, American Finance Association, vol. 47(4), pages 1343-1366, September.
    3. Couwenberg, Oscar, 2001. "Survival rates in bankruptcy systems : overlooking the evidence," Research Report 01E15, University of Groningen, Research Institute SOM (Systems, Organisations and Management).
    4. Franks, Julian R & Nyborg, Kjell G, 1996. "Control Rights, Debt Structure, and the Loss of Private Benefits: The Case of the U.K. Insolvency Code," The Review of Financial Studies, Society for Financial Studies, vol. 9(4), pages 1165-1210.
    5. Povel, Paul, 1999. "Optimal "Soft" or "Tough" Bankruptcy Procedures," Journal of Law, Economics and Organization, Oxford University Press, vol. 15(3), pages 659-684, October.
    6. Julian R. Franks & Walter N. Torous, 1989. "An Empirical Investigation of U.S. Firms in Reorganization," Journal of Finance, American Finance Association, vol. 44(3), pages 747-769, July.
    7. Bhattacharyya, Sugato & Singh, Rajdeep, 1999. "The resolution of bankruptcy by auction: allocating the residual right of design," Journal of Financial Economics, Elsevier, vol. 54(3), pages 269-294, December.
    8. Bebchuk, Lucian Ayre & Chang, Howard F, 1992. "Bargaining and the Division of Value in Corporate Reorganization," The Journal of Law, Economics, and Organization, Oxford University Press, vol. 8(2), pages 253-279, April.
    9. White, Michelle J, 1994. "Corporate Bankruptcy as a Filtering Device: Chapter 11 Reorganizations and Out-of-Court Debt Restructurings," The Journal of Law, Economics, and Organization, Oxford University Press, vol. 10(2), pages 268-295, October.
    10. William Vickrey, 1961. "Counterspeculation, Auctions, And Competitive Sealed Tenders," Journal of Finance, American Finance Association, vol. 16(1), pages 8-37, March.
    11. Gertner, Robert & Scharfstein, David, 1991. "A Theory of Workouts and the Effects of Reorganization Law," Journal of Finance, American Finance Association, vol. 46(4), pages 1189-1222, September.
    12. Franks, Julian R. & Torous, Walter N., 1994. "A comparison of financial recontracting in distressed exchanges and chapter 11 reorganizations," Journal of Financial Economics, Elsevier, vol. 35(3), pages 349-370, June.
    13. Hansen, Robert G. & Thomas, Randall S., 1998. "Auctions in bankruptcy: theoretical analysis and practical guidance," International Review of Law and Economics, Elsevier, vol. 18(2), pages 159-185, June.
    14. Jocelyn Martel, 1996. "Solutions au stress financier : Un survol de la littérature," CIRANO Working Papers 96s-03, CIRANO.
    15. repec:bla:jfinan:v:44:y:1989:i:3:p:747-69 is not listed on IDEAS
    16. Weiss, Lawrence A., 1990. "Bankruptcy resolution: Direct costs and violation of priority of claims," Journal of Financial Economics, Elsevier, vol. 27(2), pages 285-314, October.
    17. repec:dgr:rugsom:01e15 is not listed on IDEAS
    18. Oscar Couwenberg, 2001. "Survival Rates in Bankruptcy Systems: Overlooking the Evidence," European Journal of Law and Economics, Springer, vol. 12(3), pages 253-273, November.
    19. Martel, Jocelyn, 1996. "Solutions au stress financier," L'Actualité Economique, Société Canadienne de Science Economique, vol. 72(1), pages 51-78, mars.
    20. repec:cep:stitep:/1992/250 is not listed on IDEAS
    21. White, Michelle J, 1989. "The Corporate Bankruptcy Decision," Journal of Economic Perspectives, American Economic Association, vol. 3(2), pages 129-151, Spring.
    22. Thorburn, Karin S., 2000. "Bankruptcy auctions: costs, debt recovery, and firm survival," Journal of Financial Economics, Elsevier, vol. 58(3), pages 337-368, December.
    23. Hotchkiss, Edith S. & Mooradian, Robert M., 1998. "Acquisitions as a Means of Restructuring Firms in Chapter 11," Journal of Financial Intermediation, Elsevier, vol. 7(3), pages 240-262, July.
    24. Gilson, Stuart C. & John, Kose & Lang, Larry H. P., 1990. "Troubled debt restructurings*1: An empirical study of private reorganization of firms in default," Journal of Financial Economics, Elsevier, vol. 27(2), pages 315-353, October.
    25. Dasgupta, Sudipto & Sengupta, Kunal, 1993. "Sunk Investment, Bargaining and Choice of Capital Structure," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 34(1), pages 203-220, February.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Hege, Ulrich, 2003. "Workouts, court-supervised reorganization and the choice between private and public debt," Journal of Corporate Finance, Elsevier, vol. 9(2), pages 233-269, March.
    2. Michelle J. White, 2005. "Economic Analysis of Corporate and Personal Bankruptcy Law," NBER Working Papers 11536, National Bureau of Economic Research, Inc.
    3. 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.
    4. Bebchuk, Lucian Arye, 2001. "Ex Ante Costs of Violating Absolute Priority in Bankruptcy," CEPR Discussion Papers 2914, C.E.P.R. Discussion Papers.
    5. Régis Blazy & Bertrand Chopard & Agnès Fimayer & Jean-Daniel Guigou, 2007. "Financial versus Social Efficiency of Corporate Bankruptcy Law: the French Dilemma?," LSF Research Working Paper Series 07-02, Luxembourg School of Finance, University of Luxembourg.
    6. Xavier Giné & Inessa Love, 2010. "Do Reorganization Costs Matter for Efficiency? Evidence from a Bankruptcy Reform in Colombia," Journal of Law and Economics, University of Chicago Press, vol. 53(4), pages 833-864.
    7. Eckbo, B. Espen & Thorburn, Karin S., 2009. "Creditor financing and overbidding in bankruptcy auctions: Theory and tests," Journal of Corporate Finance, Elsevier, vol. 15(1), pages 10-29, February.
    8. Per Stromberg, "undated". "Conflicts of Interest and Market Illiquidity in Bankruptcy Auctions: Theory and Tests," CRSP working papers 459, Center for Research in Security Prices, Graduate School of Business, University of Chicago.
    9. Lucian Arye Bebchuk, 2002. "Ex Ante Costs of Violating Absolute Priority in Bankruptcy," Journal of Finance, American Finance Association, vol. 57(1), pages 445-460, February.
    10. Kahl, Matthias, 2001. "Financial Distress as a Selection Mechanism: Evidence from the United States," University of California at Los Angeles, Anderson Graduate School of Management qt0dg192r9, Anderson Graduate School of Management, UCLA.
    11. Fisher, Timothy C G & Martel, Jocelyn, 1999. "Should We Abolish Chapter 11? Evidence from Canada," The Journal of Legal Studies, University of Chicago Press, vol. 28(1), pages 233-257, January.
    12. Thorburn, Karin S., 2000. "Bankruptcy auctions: costs, debt recovery, and firm survival," Journal of Financial Economics, Elsevier, vol. 58(3), pages 337-368, December.
    13. Beti Zafirova & Sonja Topuzovska & Julija Zhivadinovik & Marija Andonova, 2017. "Public Health Aspects of Post-Traumatic Stress Disorder in Patients Who Have Experienced a Car Accident," European Journal of Interdisciplinary Studies Articles, Revistia Research and Publishing, vol. 3, ejis_v3_i.
    14. Annabi, Amira & Breton, Michèle & François, Pascal, 2012. "Resolution of financial distress under Chapter 11," Journal of Economic Dynamics and Control, Elsevier, vol. 36(12), pages 1867-1887.
    15. Dewaelheyns, Nico & Van Hulle, Cynthia, 2009. "Filtering speed in a Continental European reorganization procedure," International Review of Law and Economics, Elsevier, vol. 29(4), pages 375-387, December.
    16. Eckbo, B. Espen & Thorburn, Karin S., 2004. "Bidding in mandatory bankruptcy auctions: Theory and evidence," Discussion Papers 2004/16, Norwegian School of Economics, Department of Business and Management Science.
    17. Martel, Jocelyn, 1996. "Solutions au stress financier," L'Actualité Economique, Société Canadienne de Science Economique, vol. 72(1), pages 51-78, mars.
    18. Blazy, Régis & Martel, Jocelyn & Nigam, Nirjhar, 2014. "The choice between informal and formal restructuring: The case of French banks facing distressed SMEs," Journal of Banking & Finance, Elsevier, vol. 44(C), pages 248-263.
    19. Erkki Laitinen, 2011. "Assessing viability of Finnish reorganization and bankruptcy firms," European Journal of Law and Economics, Springer, vol. 31(2), pages 167-198, April.
    20. Gary Cook & Keith Pond, 2006. "Explaining the choice between alternative insolvency regimes for troubled companies in the UK and Sweden," European Journal of Law and Economics, Springer, vol. 22(1), pages 21-47, July.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ris:actuec:v:80:y:2004:i:4:p:655-669. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Benoit Dostie (email available below). General contact details of provider: https://edirc.repec.org/data/scseeea.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.