Four developments warrant revisiting the debate on full priority and taking steps to implement a partial priority system. The first development is that secured credit increasingly results in a complete lack of funds to cover the expenses of the insolvency procedure. The second development is...

Governments have bailed out banks that were considered Too Big To Fail (TBTF). In an attempt to end these bail-outs, The European Commission has presented a proposal for a Directive for a European Framework on Recovery and Resolution of Credit Institutions and Investment Firms. This article...

Although the European Insolvency Regulation does not provide limitations on comi-migration, comi-migration can lead to the application of the principle of abuse of Union law. This article provides a theoretical framework to distinguish between abusive and non-abusive comi-migration....

We identify a key trade-off between protecting property rights and enhancing reliance on contracts. For instance, when a dishonest intermediary transfers a good to an innocent buyer without the owner's consent, who between buyer and owner should retain the good? We show that the optimal...