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Erscheinungsjahr: 
2024
Quellenangabe: 
[Journal:] European Journal of Law and Economics [ISSN:] 1572-9990 [Volume:] 58 [Issue:] 3 [Publisher:] Springer US [Place:] New York [Year:] 2024 [Pages:] 397-425
Verlag: 
Springer US, New York
Zusammenfassung: 
Abstract We utilize micro-level data on corporate liquidation bankruptcies in Slovenia to conduct the first systematic quantitative investigation of the impact of creditors' committees (CCs) on liquidation bankruptcy outcomes. Slovenian law permits, but does not mandate, the establishment of a CC in liquidation bankruptcy proceedings, ensuring variation in CC incidence across cases. To address the non-random formation of CCs, we use propensity score matching and employ a rich set of covariates. Our findings reveal that CCs boost the liquidation value of bankrupt debtors' assets, thereby facilitating recovery, particularly for priority and ordinary unsecured creditors. Additionally, CCs elevate the overall rate of creditors' recovery relative to the value of liquidated assets. However, CCs also prolong the duration of proceedings and increase the likelihood of litigation. Our analysis thus underscores the multifaceted nature of the effect of institutionalized creditor representation on the efficacy of liquidation bankruptcy proceedings.
Schlagwörter: 
Corporate bankruptcy
Liquidation bankruptcy proceedings
Creditors' committees
Debt recovery
Duration
Slovenia
G33
K22
P12
D02
Persistent Identifier der Erstveröffentlichung: 
Sonstige Angaben: 
G33;K22;P12;D02
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Dokumentart: 
Article
Dokumentversion: 
Published Version
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