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Insolvenzrecht zwischen privatautonomer Gestaltung und öffentlicher Regulierung

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  • Jochen Bigus
  • Thomas Eger

Abstract

The paper discusses the ex‐ante‐ and ex‐post‐incentives that result from different insolvency regimes. It concentrates on the problem of how to evaluate and utilise the debtor's seizable assets after bankruptcy proceedings are commenced. This is closely related to the problem of creditor co‐ordination. We compare the proceedings following the direction of the new German insolvency law with some reform proposals suggested in the literature, such as the auctions approach by Roe and the options approaches by Bebchuk and by Aghion/Hart/Moore. The options approach in particular seems to solve the evaluation and co‐ordination problem at low cost.

Suggested Citation

  • Jochen Bigus & Thomas Eger, 2004. "Insolvenzrecht zwischen privatautonomer Gestaltung und öffentlicher Regulierung," Perspektiven der Wirtschaftspolitik, Verein für Socialpolitik, vol. 5(2), pages 193-209, May.
    • Handle: RePEc:bla:perwir:v:5:y:2004:i:2:p:193-209
    DOI: 10.1111/j.1468-2516.2004.00147.x
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    References listed on IDEAS

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    1. Philippe Aghion & Oliver D. Hart & John Moore, 1994. "The Economics of Bankruptcy Reform," NBER Chapters, in: The Transition in Eastern Europe, Volume 2, Restructuring, pages 215-244, National Bureau of Economic Research, Inc.
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    3. Bigus, Jochen, 2002. "Bankruptcy law, asset substitution problem, and creditor conflicts," International Review of Law and Economics, Elsevier, vol. 22(2), pages 109-132, August.
    4. Thomas Eger, 2001. "Bankruptcy Regulations and the New German Insolvency Law from an Economic Point of View," European Journal of Law and Economics, Springer, vol. 11(1), pages 29-46, January.
    5. Hart, Oliver, 1995. "Firms, Contracts, and Financial Structure," OUP Catalogue, Oxford University Press, number 9780198288817.
    6. Shleifer, Andrei, 2000. "Inefficient Markets: An Introduction to Behavioral Finance," OUP Catalogue, Oxford University Press, number 9780198292272.
    7. White, Michelle J, 1994. "Corporate Bankruptcy as a Filtering Device: Chapter 11 Reorganizations and Out-of-Court Debt Restructurings," The Journal of Law, Economics, and Organization, Oxford University Press, vol. 10(2), pages 268-295, October.
    8. Daigle, Katherine H & Maloney, Michael T, 1994. "Residual Claims in Bankruptcy: An Agency Theory Explanation," Journal of Law and Economics, University of Chicago Press, vol. 37(1), pages 157-192, April.
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