Bankruptcy

Creditor Financing and Overbidding in Bankruptcy Auctions: Theory and Tests

We present unique empirical tests for overbidding using data from Sweden's auction bankruptcy system. The main creditor (a bank) can neither bid in the...

Contracting for a European Insolvency Regime

The European Commission has proposed a directive on ‘preventive restructuring frameworks’ for financially distressed firms. I demonstrate that...

Discharging the Discharge for Value Defense

Despite its massive size, the corporate debt market is often considered a sleepy refuge for the risk-averse. Yet, corporate debt contracts are often...

Private Equity and the Resolution of Financial Distress

We examine the role private equity (PE) firms play in the resolution of financial distress using a sample of 2,151 firms that borrow in the leveraged loan...

Bailout Blues: the Write-Down of the AT1 Bonds in the Credit Suisse Bailout

The recent bailout of Credit Suisse is noteworthy for many reasons. One of them is that, while AT1 bondholders were wiped out, shareholders were not. This...

What is an insolvency proceeding?

Insolvency proceedings and issues relating to personal and business insolvencies are the daily subject of scholarly work and insolvency practice. But...

When trust is not enough : Bank resolution, SPE, Ring-fencing and group support

This discussion paper investigates the differences existing between the Single Point of Entry and the Multiple Point of Entry resolution models and...

Bankruptcy Law and Entrepreneurship

The Privatization of Bankruptcy: Evidence from Financial Distress in the Shipping Industry

A generally accepted view is that sophisticated bankruptcy procedures are required to mitigate coordination failures and fire sale discounts arising...

What Can Restructuring Laws Do? Geopolitical Shocks, The New German Restructuring Regime, and The Limits of Restructuring Laws

In this article, I discuss the possibilities and limitations of restructuring laws against the background of geopolitical shocks such as the Covid-19...

The New Synthesis of Bank Regulation and Bankruptcy in the Dodd-Frank Era

Since the enactment of the Dodd-Frank Act in 2010, U.S. bank regulation and bankruptcy have become far more closely intertwined. In this Article, I ask...

Bankruptcy Shopping: Domestic Venue Races and Global Forum Wars

This Article proposes reforms to bankruptcy law’s venue rules. These reforms would expand venue choice, reduce opportunistic venue shopping, and...