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.
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