Saving Viable Businesses : The Effect of Insolvency Reform

• Tác giả: Leora Klapper
• Ngôn ngữ: eng
• Ký hiệu phân loại: 658.16 Reorganization and dissolution of enterprises
• Thông tin xuất bản: World Bank, Washington, DC, 2012
• Bộ sưu tập: Tài liệu truy cập mở
• ID: 322646
• Chủ đề: 1. ACCOUNTANCY; 2. ACCOUNTS PAYABLE; 3. ALTERNATIVE TO LIQUIDATION; 4. ASSET SALES; 5. BANK LOANS

Tóm tắt

The 2008 financial crisis and consequent rise in corporate insolvencies highlight the clear need for efficient bankruptcy systems to liquidate unviable firms and reorganize viable ones and to do so in a way that maximizes the proceeds for creditors, shareholders, employees, and other stakeholders. This note summarizes the empirical literature on the effect of insolvency reforms on economic and financial activity. Overall, research suggests that effective reforms increase timely repayments, reduce the cost of credit, and lower the rate of liquidation among distressed firms.