Author: Matej Marinč
Publisher: Springer Science & Business Media
ISBN: 3642218075
Category : Business & Economics
Languages : en
Pages : 170
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Book Description
This book shows that a special bank bankruptcy regime is desirable for the efficient restructuring and/or liquidation of distressed banks. It explores in detail both the principal features of corporate bankruptcy law and the specific characteristics of banks including the importance of public confidence, negative externalities of bank failures, fragmented regulatory framework, bank opaqueness, and the related asset-substitution problem and liquidity provision. These features distinguish banks from other corporations and are largely neglected in corporate bankruptcy law. The authors, an assistant professor for money and finance and a research economist at the Dutch Central Bank, propose changes in both prudential regulation and reorganization policies that should allow regulators and banking authorities to better mitigate disruptions in the financial system and minimize the social costs of bank failures. Their recommendations are complemented by a discussion of bank failures from the 2007–2009 financial crisis.
Author: Jagdeep S. Bhandari
Publisher: Cambridge University Press
ISBN: 9780521457170
Category : Business & Economics
Languages : en
Pages : 584
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Book Description
This collection is the first comprehensive selection of readings focusing on corporate bankruptcy. Its main purpose is to explore the nature and efficiency of corporate reorganization using interdisciplinary approaches drawn from law, economics, business, and finance. Substantive areas covered include the role of credit, creditors' implicit bargains, nonbargaining features of bankruptcy, workouts of agreements, alternatives to bankruptcy, and proceedings in countries including the United States, United Kingdom, Europe, and Japan. The Honorable Richard A. Posner, Chief Judge of the U.S. Court of Appeals for the Seventh Circuit, offers a foreword to the collection.
Author: Daniela Matri
Publisher: Springer
ISBN: 3319620363
Category : Law
Languages : en
Pages : 270
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Book Description
This book adds to the debate on the effects of covenants on third-party creditors (externalities), which have recently become a focus of discussion in the contexts of bankruptcy law, corporate law and corporate governance. The general thrust of the debate is that negative effects on third-party creditors predominate because banks act in their own self-interest. After systematising the debated potential positive and negative externalities of covenants, the book empirically examines these externalities: It investigates the banks’ factual conduct and its effects on third-party creditors in Germany and the US. The study’s most significant outcome is that it disproves the assumption that banks disregard third-party creditors’ interests. These findings are then interpreted with the tools of economic analysis; particularly, with the concept of common pool resources (CPRs). Around the aggregated value of the debtor company’s asset pool (as CPR) exists an n-person prisoner’s dilemma between banks and third-party creditors: No creditor knows when and under what conditions the other creditor will appropriate funds from the debtor company’s asset pool. This coordination problem is traditionally addressed by means of bankruptcy law and collaterals. However, the incentive structure that surrounds the bilateral private governance system created by covenants and an event of default clause (a CPR private governance system) is found to also be capable of tackling this problem. Moreover, the interaction between the different regulation spheres – bankruptcy law, collateral and the CPR private governance system − has important implications for both the aforementioned discussions as well as the legal treatment of covenants and event of default clauses. Covenants alone cannot be seen as an alternative to institutional regulation; the complete CPR private governance system and its interaction with institutional regulation must also be taken into consideration. In addition, their function must first find more acceptance and respect in the legal treatment of covenants and event of default clauses: The CPR private governance system fills a gap in the regulation of the tragedy of the commons by bankruptcy law and collateral. This has particularly important implications for the German § 138 BGB, § 826 BGB and ad hoc duties to disclose insider information.
Author: Barry E. Adler
Publisher: Edward Elgar Publishing
ISBN: 1781007888
Category : Law
Languages : en
Pages : 456
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Book Description
In this Research Handbook, today’s leading experts on the law and economics of corporate bankruptcy address fundamental issues such as the efficiency of bankruptcy, the role and treatment of creditors – particularly secured creditors – in the bankruptcy process, the allocation of going-concern surplus among claimants, the desirability of liquidation in the absence of such surplus, the role of contract in bankruptcy resolution, the role of derivatives in the bankruptcy process, the costs of the bankruptcy system, and the special case of financial institutions, among other topics.
Author: Ralph Brubaker
Publisher: Oxford University Press
ISBN: 0199969329
Category : Law
Languages : en
Pages : 320
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Book Description
A Debtor World contains a collection of contributions about the societal implications of private debt. The essays comprising this volume are authored by dozens of leading U.S. and international academics who have written about debt or issues related to debt in a wide range of disciplines including law, sociology, psychology, history, economics, and more. The goal of this collection is to explore debt neither as a problem nor a solution but as a phenomenon and to promote the exchange of knowledge to better comprehend why consumers and businesses decide to borrow money. It asks what happens to businesses and consumers under a heavy debt load, and what legal norms and institutions societies need to encourage the efficient use of debt while promoting a greater understanding of the global phenomenon of increased indebtedness and societal dependence.
Author: Stijn Claessens
Publisher: World Bank Publications
ISBN:
Category : Bankruptcy
Languages : en
Pages : 40
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Book Description
Author: Joseph Spooner
Publisher: Cambridge University Press
ISBN: 1107166942
Category : Business & Economics
Languages : en
Pages : 309
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Book Description
Excessive household debt has allowed for economic growth, but this model has become increasingly unstable. Spooner examines bankruptcy law as a potential solution.
Author: United States. Congress. House. Committee on the Judiciary. Subcommittee on Economic and Commercial Law
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 436
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Book Description
Author: Dubai Economic Council
Publisher: Springer
ISBN: 1137561750
Category : Business & Economics
Languages : en
Pages : 273
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Book Description
This book is a comparative study of international practices in bankruptcy law, providing perspectives from a variety of specialisms including practitioners, lawyers, bankers, accountants and judges from the United Arab Emirates, the UK and Singapore.
Author: Thomas Max Safley
Publisher: Routledge
ISBN: 0415687306
Category : Business & Economics
Languages : en
Pages : 258
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Book Description
Always a natural companion to capitalism, bankruptcy has become much more prevalent in the public consciousness since the global financial crisis. This volume, from an international set of scholars, focuses on bankruptcy in early modern Europe, when its frequency made it not only an economic problem but the great personal and social tragedy it has become.
