Debt Recovery in Firm Liquidations: Do Liquidation Trustees Matter?

Arbeitspapier

Insolvency systems play a crucial role in protection of creditor rights, yet micro-level empirical evidence on the functioning of insolvency regimes worldwide is sparse. We investigate whether creditors’ recovery of outstanding claims, a measure of ex-post efficiency of an insolvency regime, depends on the characteristics of the trustee delegated the administration of the liquidation proceedings. To this end, we draw on a novel dataset of firm liquidations from Slovenia and exploit courts’ de facto random assignment of firm liquidation cases to licensed liquidation trustees. Using a wide range of specifications and controls, we find that a subset of trustee characteristics indeed matters for debt recovery. Thus, ex-post efficiency of an insolvency regime depends not only on its formal rules and procedures, but also on who implements them in practice.

Angaben zum Objekt

• Sprache: Englisch

Verweise und Beziehungen

• Erschienen in: Series: CESifo Working Paper ; No. 6034

Klassifikation und Themen

• Klassifikation: Wirtschaft ; Bankruptcy; Liquidation ; Business and Securities Law ; Socialist Systems and Transitional Economies: Legal Institutions; Illegal Behavior
• Thema: insolvency ; firm liquidations ; debt recovery ; liquidation trustees ; Slovenia

Beteiligte, Orts- und Zeitangaben

• Ereignis: Geistige Schöpfung
• (wer): Cepec, Jaka ; Grajzl, Peter ; Zajc, Katarina
• Ereignis: Veröffentlichung
• (wer): Center for Economic Studies and ifo Institute (CESifo)
• (wo): Munich
• (wann): 2016

Weitere Informationen

• Handle: http://hdl.handle.net/10419/145069
• Letzte Aktualisierung: 10.03.2025, 11:44 MEZ