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Rethinking Receivership

Author

Listed:
  • John Armour
  • Sandra Frisby

Abstract

A popular perception is that administrative receivers and their appointors hold 'too much' power in relation to troubled companies. Consideration of this issue is timely, because insolvency law is currently under review. We argue although the law's formal structure is imbalanced, this can nevertheless generate savings for parties by allowing a concentrated creditor who has invested in information-gathering about the debtor to conduct a private insolvency procedure. We suggest that this procedure is likely to be more efficient than one conducted by a state official, and that it facilitates debt-based governance, a matter of particular importance for small and medium-sized businesses.

Suggested Citation

  • John Armour & Sandra Frisby, 2000. "Rethinking Receivership," Working Papers wp159, Centre for Business Research, University of Cambridge.
  • Handle: RePEc:cbr:cbrwps:wp159 Note: PRO-2
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    File URL: https://www.cbr.cam.ac.uk/fileadmin/user_upload/centre-for-business-research/downloads/working-papers/wp159.pdf
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    References listed on IDEAS

    as
    1. P.N. O'Farrell & D.M. Hitchens & L.A.R. Moffat, 1993. "The Competitiveness of Business Services and Regional Development: Evidence from Scotland and the South East of England," Urban Studies, Urban Studies Journal Limited, vol. 30(10), pages 1629-1652, December.
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    3. Dosi, Giovanni, 1988. "Sources, Procedures, and Microeconomic Effects of Innovation," Journal of Economic Literature, American Economic Association, vol. 26(3), pages 1120-1171, September.
    4. Vivarelli, Marco & Evangelista, Rinaldo & Pianta, Mario, 1996. "Innovation and employment in Italian manufacturing industry," Research Policy, Elsevier, vol. 25(7), pages 1013-1026, October.
    5. Bresnahan, Timothy F & Reiss, Peter C, 1991. "Entry and Competition in Concentrated Markets," Journal of Political Economy, University of Chicago Press, vol. 99(5), pages 977-1009, October.
    6. P A Wood & J Bryson & D Keeble, 1993. "Regional patterns of small firm development in the business services: evidence from the United Kingdom," Environment and Planning A, Pion Ltd, London, vol. 25(5), pages 677-700, May.
    7. Suma Athreye & David Keeble, 2001. "Specialised Markets and the Behaviour of Firms: Evidence from the UK's Regional Economies," Open Discussion Papers in Economics 33, The Open University, Faculty of Social Sciences, Department of Economics.
    8. Bryson, John R & Keeble, David & Wood, Peter, 1997. "The Creation and Growth of Small Business Service Firms in Post-industrial Britain," Small Business Economics, Springer, vol. 9(4), pages 345-360, August.
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    More about this item

    Keywords

    Banks; Corporate Insolvency; Debt Governance; Secured Credit;

    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G33 - Financial Economics - - Corporate Finance and Governance - - - Bankruptcy; Liquidation
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • K22 - Law and Economics - - Regulation and Business Law - - - Business and Securities Law

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