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Rethinking Receivership

Author

Listed:
  • John Armour
  • Sandra Frisby

Abstract

A popular perception is that administrative receivers and their appointors hold 'too much' power in relation to troubled companies. Consideration of this issue is timely, because insolvency law is currently under review. We argue although the law's formal structure is imbalanced, this can nevertheless generate savings for parties by allowing a concentrated creditor who has invested in information-gathering about the debtor to conduct a private insolvency procedure. We suggest that this procedure is likely to be more efficient than one conducted by a state official, and that it facilitates debt-based governance, a matter of particular importance for small and medium-sized businesses.

Suggested Citation

  • John Armour & Sandra Frisby, 2000. "Rethinking Receivership," Working Papers wp159, Centre for Business Research, University of Cambridge.
    • Handle: RePEc:cbr:cbrwps:wp159
    Note: PRO-2
    as

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    File URL: https://www.jbs.cam.ac.uk/cbrwp159/
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    More about this item

    Keywords

    Banks; Corporate Insolvency; Debt Governance; Secured Credit;
    All these keywords.

    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G33 - Financial Economics - - Corporate Finance and Governance - - - Bankruptcy; Liquidation
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • K22 - Law and Economics - - Regulation and Business Law - - - Business and Securities Law

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