Variants of Bankruptcy

Istvan Abel and András Boros-Kazai

Eastern European Economics, 1992, vol. 31, issue 1, 47-64

Abstract: This essay surveys the economic parameters of dissolving enterprises and bankruptcy procedures. It points out that--rules applied during the dissolution of enterprises notwithstanding--firms often end up extinct even when reorganization would reduce their creditors' losses. At the same time, the freedom to self-initiate bankruptcy proceedings means that the opportunities offered by reorganization are available even to enterprises in whose cases reducing the loss of all creditors would call for their dissolution.

Date: 1992
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