Las reformas de la Ley Concursal durante la Gran Recesión
Miguel Garcia-Posada () and
No 1610, Working Papers from Banco de España, Working Papers Homepage
Traditionally, bankruptcy procedures in Spain have been lengthy and costly processes that have nearly always (95%) resulted in the liquidation of the insolvent firm. These dysfunctions became apparent with the large increase in bankruptcy filings during the crisis that started in 2008 and the ensuing congestion of the courts. In order to resolve these and other problems, the Bankruptcy Law has been reformed several times. The goal of this research is to analyse the impact of these reforms on two facets: the length of bankruptcy procedures and the probability of achieving a successful reorganisation, hence avoiding the firm’s liquidation. Our findings show that two of the four reforms analysed increased the percentage of reorganisations and decreased bankruptcy duration through improving the quality of insolvency administrators and by fostering out-of-court workouts for large corporations.
Keywords: bankruptcy; reorganisation; liquidation; duration analysis; competing risks (search for similar items in EconPapers)
JEL-codes: G33 C41 K22 (search for similar items in EconPapers)
Pages: 50 pages
New Economics Papers: this item is included in nep-net
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1) Track citations by RSS feed
Downloads: (external link)
http://www.bde.es/f/webbde/SES/Secciones/Publicaci ... o/16/Fich/dt1610.pdf First version, June 2016 (application/pdf)
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:bde:wpaper:1610
Access Statistics for this paper
More papers in Working Papers from Banco de España, Working Papers Homepage Contact information at EDIRC.
Bibliographic data for series maintained by María Beiro. Electronic Dissemination of Information Unit. Research Department. Banco de España ().