economic transformation influence the impact of bankruptcy regulation in a way distorting it towards liquidation. …This paper looks at simple decision rules in bankruptcy procedures. It describes special issues of enterprise … liquidation and reorganization during economic transformation. The reforms of the financial system and other important factors in …

-administered bankruptcy procedures. Although we find that the large majority of bankrupt firms in our sample of Hungarian firms are kept as … going concerns, the evidence suggests that the going concern bias sharply reduces aggregate proceeds to pre-bankruptcy … bankrupt company. Comparisons with other bankruptcy codes suggest that the application of the code and court procedures have an …

without losses to creditors, and bankruptcy as forced liquidation. We demonstrate that firms under limited liability are … approximately 11,000 West German firms from all major sectors of the German economy. We distinguish between voluntary liquidation … of insolvencies is a non-monotonic function of firm size while the likelihood of voluntary liquidation decreases …

keeping his firm alive, competition, combined with the threat of liquidation acts as a disciplinary device which fosters …

defaults and bankruptcy. Building on a simple model for the joint determination of the repayments of interbank claims, this …

A basic question for the design of bankruptcy law concerns whether value should be divided in accordance with absolute …