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Judicial liquidation proceedings across the main economies of the European Union

Federico Fornasari () and Giacomo Roma ()
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Federico Fornasari: Bank of Italy
Giacomo Roma: Bank of Italy

No 828, Questioni di Economia e Finanza (Occasional Papers) from Bank of Italy, Economic Research and International Relations Area

Abstract: Insolvent firms' liquidation procedures are of crucial importance to the economic system, influencing ex ante the price and quantity of credit granted and ex post the reallocation of productive factors. Nevertheless, there are no studies available that evaluate the functioning of judicial liquidation procedures comparatively. The paper contributes to filling this gap in the literature and analyses the rules on asset liquidation in Italy, France, Germany and Spain, as they have recently been reformed. It focuses on the planning of liquidation procedures, on how assets are sold and how the appointed professionals are remunerated. Although some provisions may partially account for the different recovery rates and duration of procedures, these seem primarily due to institutional and contextual factors rather than to regulatory specificities.

Keywords: bankruptcy law; civil justice efficiency; non-performing loans (search for similar items in EconPapers)
JEL-codes: G21 K10 K40 (search for similar items in EconPapers)
Date: 2024-02
New Economics Papers: this item is included in nep-eec, nep-eur and nep-law
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