Severity of the Voting Rules in Bankruptcy

Nicolae Stef ()
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Nicolae Stef: LaRGE Research Center, Université de Strasbourg

Working Papers of LaRGE Research Center from Laboratoire de Recherche en Gestion et Economie (LaRGE), Université de Strasbourg

Abstract: This article evaluates the voting conditions in bankruptcy using a sample of 92 countries. In general, the bankruptcy laws of German and French legal origin have the less stringent voting rules. The Nordic group of countries is in the middle. The most severe rules are encountered in the common law countries. In addition, the voting rules are not only important for the decision process, but also for the achievement of the ex post efficiency i.e. saving only the financial distressed firms which are economically efficient.

Date: 2013
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Persistent link: https://EconPapers.repec.org/RePEc:lar:wpaper:2013-07

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