Author: Philippe Aghion
Publisher:
ISBN:
Category : Bankruptcy
Languages : en
Pages : 78
Book Description
We propose a new bankruptcy procedure. Initially, a firm's debts are cancelled, and cash and non-cash bids are solicited for the 'new" (all-equity) firm. Former claimants are given shares, or options to buy shares, in the new firm on the basis of absolute priority. Options are exercised once the bids are in. Finally, a shareholder vote is taken to select one of the bids. In essence, our procedure is a variant on the U.S. Chapter 7, in which non-cash bids are possible; this allows for reorganization. We believe our scheme is superior to Chapter 11 since it is simpler, quicker, market-based, avoids conflicts, and places appropriate discipline on management.
The Economics of Bankruptcy Reform
Author: Philippe Aghion
Publisher:
ISBN:
Category : Bankruptcy
Languages : en
Pages : 78
Book Description
We propose a new bankruptcy procedure. Initially, a firm's debts are cancelled, and cash and non-cash bids are solicited for the 'new" (all-equity) firm. Former claimants are given shares, or options to buy shares, in the new firm on the basis of absolute priority. Options are exercised once the bids are in. Finally, a shareholder vote is taken to select one of the bids. In essence, our procedure is a variant on the U.S. Chapter 7, in which non-cash bids are possible; this allows for reorganization. We believe our scheme is superior to Chapter 11 since it is simpler, quicker, market-based, avoids conflicts, and places appropriate discipline on management.
Publisher:
ISBN:
Category : Bankruptcy
Languages : en
Pages : 78
Book Description
We propose a new bankruptcy procedure. Initially, a firm's debts are cancelled, and cash and non-cash bids are solicited for the 'new" (all-equity) firm. Former claimants are given shares, or options to buy shares, in the new firm on the basis of absolute priority. Options are exercised once the bids are in. Finally, a shareholder vote is taken to select one of the bids. In essence, our procedure is a variant on the U.S. Chapter 7, in which non-cash bids are possible; this allows for reorganization. We believe our scheme is superior to Chapter 11 since it is simpler, quicker, market-based, avoids conflicts, and places appropriate discipline on management.
The Economics of Bankruptcy Reform
Author:
Publisher:
ISBN:
Category :
Languages : en
Pages : 206
Book Description
Publisher:
ISBN:
Category :
Languages : en
Pages : 206
Book Description
The Economics of Bankruptcy Reform
Author: John Hampton Moore
Publisher:
ISBN:
Category : Bankruptcy
Languages : en
Pages : 206
Book Description
Publisher:
ISBN:
Category : Bankruptcy
Languages : en
Pages : 206
Book Description
Making Failure Feasible
Author: Thomas H. Jackson
Publisher: Hoover Press
ISBN: 0817918868
Category : Political Science
Languages : en
Pages : 267
Book Description
In 2012, building off work first published in 2010, the Resolution Project proposed that a new Chapter 14 be added to the Bankruptcy Code, exclusively designed to deal with the reorganization or liquidation of the nation's large financial institutions. In Making Failure Feasible, the contributors expand on their proposal to improve the prospect that our largest financial institutions—particularly with prebankruptcy planning—could be successfully reorganized or liquidated pursuant to the rule of law and, in doing so, both make resolution planning pursuant to Title I of Dodd-Frank more fruitful and make reliance on administrative proceedings pursuant to Title II of Dodd-Frank largely unnecessary. This book highlights the problems of dealing with large financial institutions in distress, and Chapter 14's responses to those twin issues. The contributors first outline the basic features of Chapter 14 and point to their continuation as well as additional features to ensure the quick resolution of large financial institutions that would not depend on government discretion and would mesh with emerging ideas about cross-border resolution. The remaining chapters provide the context for reform and show how Chapter 14, as envisioned in this book, would be a substantial advance on administrative-focused resolution procedures.
Publisher: Hoover Press
ISBN: 0817918868
Category : Political Science
Languages : en
Pages : 267
Book Description
In 2012, building off work first published in 2010, the Resolution Project proposed that a new Chapter 14 be added to the Bankruptcy Code, exclusively designed to deal with the reorganization or liquidation of the nation's large financial institutions. In Making Failure Feasible, the contributors expand on their proposal to improve the prospect that our largest financial institutions—particularly with prebankruptcy planning—could be successfully reorganized or liquidated pursuant to the rule of law and, in doing so, both make resolution planning pursuant to Title I of Dodd-Frank more fruitful and make reliance on administrative proceedings pursuant to Title II of Dodd-Frank largely unnecessary. This book highlights the problems of dealing with large financial institutions in distress, and Chapter 14's responses to those twin issues. The contributors first outline the basic features of Chapter 14 and point to their continuation as well as additional features to ensure the quick resolution of large financial institutions that would not depend on government discretion and would mesh with emerging ideas about cross-border resolution. The remaining chapters provide the context for reform and show how Chapter 14, as envisioned in this book, would be a substantial advance on administrative-focused resolution procedures.
Bankruptcy Reform
Author: United States. Congress. House. Committee on the Judiciary. Subcommittee on Economic and Commercial Law
Publisher:
ISBN:
Category : Law
Languages : en
Pages : 730
Book Description
Publisher:
ISBN:
Category : Law
Languages : en
Pages : 730
Book Description
Do Reorganization Costs Matter for Efficiency?
Author: Xavier Gine
Publisher: World Bank Publications
ISBN:
Category : Bankruptcy
Languages : en
Pages : 42
Book Description
"The authors study the effect of reorganization costs on the efficiency of bankruptcy laws. They develop a simple model that predicts that in a regime with high costs, the law fails to achieve the efficient outcome of liquidating unviable businesses and reorganizing viable ones. The authors test the model using the Colombian bankruptcy reform of 1999. Using data from 1,924 firms filing for bankruptcy between 1996 and 2003, they find that the pre-reform reorganization proceeding was so inefficient that it failed to separate economically viable firms from inefficient ones. In contrast, by substantially lowering reorganization costs, the reform improved the selection of viable firms into reorganization. In this sense, the new law increased the efficiency of the bankruptcy system in Colombia."--World Bank web site.
Publisher: World Bank Publications
ISBN:
Category : Bankruptcy
Languages : en
Pages : 42
Book Description
"The authors study the effect of reorganization costs on the efficiency of bankruptcy laws. They develop a simple model that predicts that in a regime with high costs, the law fails to achieve the efficient outcome of liquidating unviable businesses and reorganizing viable ones. The authors test the model using the Colombian bankruptcy reform of 1999. Using data from 1,924 firms filing for bankruptcy between 1996 and 2003, they find that the pre-reform reorganization proceeding was so inefficient that it failed to separate economically viable firms from inefficient ones. In contrast, by substantially lowering reorganization costs, the reform improved the selection of viable firms into reorganization. In this sense, the new law increased the efficiency of the bankruptcy system in Colombia."--World Bank web site.
The economics of bankruptcy reform. Discussion Paper no. 148 (July 1992).
Author: Philippe Aghion
Publisher:
ISBN:
Category :
Languages : en
Pages :
Book Description
Publisher:
ISBN:
Category :
Languages : en
Pages :
Book Description
Two Hundred Years of Bankruptcy
Author: Ian Domowitz
Publisher:
ISBN:
Category : Bankruptcy
Languages : en
Pages : 74
Book Description
Publisher:
ISBN:
Category : Bankruptcy
Languages : en
Pages : 74
Book Description
Why So Many Bankruptcies and what to Do about it
Author: Todd J. Zywicki
Publisher:
ISBN:
Category : Bankruptcy
Languages : en
Pages : 0
Book Description
Publisher:
ISBN:
Category : Bankruptcy
Languages : en
Pages : 0
Book Description
Bankruptcy Reform
Author: United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs. Subcommittee on Financial Institutions and Regulatory Relief
Publisher:
ISBN:
Category : Law
Languages : en
Pages : 112
Book Description
Publisher:
ISBN:
Category : Law
Languages : en
Pages : 112
Book Description