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The costs and benefits of secured creditor control in bankruptcy: Evidence from the UK

Abstract:

The theoretical literature debates whether debtors should be permitted to contract with lenders over control rights in bankruptcy. Proponents point to coordination benefits from concentrating control rights; detractors point to inter-creditor agency costs. A recent reform of UK bankruptcy law provides an opportunity to test these theories. Until 2003, UK bankruptcy law permitted firms to give complete ex post control to secured creditors, through a procedure known as “receivership.” A bankrup...

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Publication status:
Published
Peer review status:
Peer reviewed
Version:
Publisher's Version

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Publisher copy:
10.1515/1555-5879.1507

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Department:
Oriel College
Walters, A More by this author
Publisher:
De Gruyter Publisher's website
Journal:
Review of Law and Economics Journal website
Volume:
8
Issue:
1
Pages:
101-135
Publication date:
2012-05-01
DOI:
Pubs id:
pubs:601124
URN:
uri:109a0297-280a-4934-bb66-b96abd581bb6
UUID:
uuid:109a0297-280a-4934-bb66-b96abd581bb6
Local pid:
pubs:601124
Keywords:

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