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Insolvency and conflicting security interests of creditors

In: The Economic Analysis of Civil Law

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Abstract

For the legal regulation of credit it is crucial to ascertain which objectives are to be pursued from an economic point of view. It is particularly important to provide incentives for an efficient amount of total lending to a particular debtor and for an efficient level of interest rates. The granting of credit that achieves this goal is termed ex-ante efficient. If a company, which took up credits fails the insolvency procedure must guarantee that creditors have an incentive to keep the company going, if its business idea is good and liquidate it if the business idea is bad (ex post efficiency). Only few insolvency procedures reach this policy target.

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  • ., 2022. "Insolvency and conflicting security interests of creditors," Chapters, in: The Economic Analysis of Civil Law, chapter 21, pages 525-537, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:14501_21
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    Economics and Finance; Law - Academic;

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