enforcement of absolute priority and government priority in bankruptcy. We show that deviations from absolute priority reduce the … implications of our findings for bankruptcy law reform, especially with respect to the priority of tax claims in bankruptcy and the …

bankruptcy procedure is triggered off. This arbitration depends on the legal context and, more specifically, on the national … bankruptcy code. No study has been done on the French Civil Law. Yet, this legal system has inspired other important legislations … inclination for liquidation, collaterals may increase the occurrence of bankruptcy, provided the law facilitates such liquidation …