Title
Bankruptcy reform: evidence from a survey among judges and receivers Bankruptcy reform: evidence from a survey among judges and receivers
Author
Faculty/Department
Faculty of Applied Economics
Publication type
article
Publication
London ,
Subject
Economics
Source (journal)
Applied economics letters. - London
Volume/pages
17(2010) :14 , p. 1367-1371
ISSN
1350-4851
ISI
000282577700007
Carrier
E
Target language
English (eng)
Full text (Publishers DOI)
Abstract
Because of low success rates, several European countries have recently reformed their US Chapter 11-type bankruptcy procedures or are planning future reforms. Using unique data from a survey among judges and insolvency practitioners (receivers), we explore the ex ante expectations of the impact of the 2009 adjustments to the Belgian reorganization procedure, including cost reductions, improvement of the procedure's reputation, encouraging informal reorganizations and appointing a mediator. The general assessment is moderately positive, although judges are significantly more optimistic than receivers. In addition, we find that the respondents' expectations are related to their views on the current system, perceived causes of failure and regional characteristics. We conclude by formulating policy recommendations.
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