Title
Filtering speed in a Continental European reorganization procedure Filtering speed in a Continental European reorganization procedure
Author
Faculty/Department
Faculty of Applied Economics
Publication type
article
Publication
Guildford ,
Subject
Economics
Source (journal)
International review of law and economics. - Guildford
Volume/pages
29(2009) :4 , p. 375-387
ISSN
0144-8188
ISI
000272780800009
Carrier
E
Target language
English (eng)
Full text (Publishers DOI)
Abstract
Recent studies of US Chapter 11 show it to be a relatively efficient procedure. We examine reorganization cases in a Continental European, creditor-oriented bankruptcy system, viz. Belgium, and report very different findings. Using hazard and cure regression models to determine what drives the length of time spent in reorganizations, we find evidence suggesting that courts have little impact on the screening and filtering process. In fact, many drivers of procedure length prove to have the opposite sign of what one would expect if the procedure would efficiently realise its goals. Instead, the procedure appears to be mainly creditor or owner-driven.
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