general insolvency law and the special characteristics of banks and the financial system, approaches to resolution procedures …

important role in restructuring. Insolvency leads to formal bankruptcy when legal procedures are employed to liquidate the … restructuring of an insolvent firm is handled informally through negotiation. The economic roles of insolvency procedures are … discussed (in Section 2) with an emphasis on dynamic aspects. In discussing the efficiency of insolvency procedures (in Section …