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Sanctions and their role in preventing the appropriation of the creditor’s property rights in bankruptcy proceedings–the case of Poland

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  • Morawska Sylwia

    (Warsaw School of Economics, Collegium of Business Administration, ul. Madalińskiego 6/8, 02-513 Warszawa, Poland.)

  • Prusak Błażej
  • Banasik Przemysław

    (Gdańsk University of Technology, Faculty of Management and Economics, ul. Traugutta 79, 80-233Gdańsk, Poland.)

  • Woźniak-Jęchorek Beata

    (Poznań University of Economics and Business, Department of Macroeconomics and Development Studies, al. Niepodległości 10, 61-875 Poznań, Poland)

Abstract

The aim of this paper is to fill the cognitive gap regarding the role of sanctions in the protection of a creditor’s property rights in the event of an entrepreneur insolvency. The impact of sanctions on transaction costs, including their identification and types, as well as the impact on the protection of creditor rights, has been poorly recognized in the subject literature to date. This article investigates the theory of transaction costs and property rights by providing an identification and description of formal negative sanctions, as well as their impact on counteracting the appropriation of creditors’ rights in bankruptcy proceedings. These studies are part of the discussion on the role of formalized negative sanctions, in terms of enforcing behaviours expected by the legislator.

Suggested Citation

  • Morawska Sylwia & Prusak Błażej & Banasik Przemysław & Woźniak-Jęchorek Beata, 2019. "Sanctions and their role in preventing the appropriation of the creditor’s property rights in bankruptcy proceedings–the case of Poland," Economics and Business Review, Sciendo, vol. 5(1), pages 93-113, March.
    • Handle: RePEc:vrs:ecobur:v:5:y:2019:i:1:p:93-113:n:6
    DOI: 10.18559/ebr.2019.1.6
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    References listed on IDEAS

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    Cited by:

    1. Błażej Prusak & Sylwia Morawska & Michał Łukowski & Przemysław Banasik, 2022. "The impact of bankruptcy regimes on entrepreneurship and innovation. Is there any relationship?," International Entrepreneurship and Management Journal, Springer, vol. 18(1), pages 473-498, March.
    2. Indyk Magdalena, 2019. "Mandatory audit rotation and audit market concentration—evidence from Poland," Economics and Business Review, Sciendo, vol. 5(4), pages 90-111, December.

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    More about this item

    Keywords

    sanctions; bankruptcy law; transaction costs; property rights theory;
    All these keywords.

    JEL classification:

    • D23 - Microeconomics - - Production and Organizations - - - Organizational Behavior; Transaction Costs; Property Rights
    • K12 - Law and Economics - - Basic Areas of Law - - - Contract Law
    • K15 - Law and Economics - - Basic Areas of Law - - - Civil Law; Common Law
    • K41 - Law and Economics - - Legal Procedure, the Legal System, and Illegal Behavior - - - Litigation Process

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