A Comparison of US, UK, and German Insolvency Codes

JULIAN R. FRANKS · Kjell G. Nyborg · Walter N. Torous

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Corporate Insolvency and Governance Corporate Finance and Governance Financial Distress and Bankruptcy Prediction

Abstract

This paper describes three insolvency codes, those of the United Kingdom (UK), Germany, and the United States (US) and compares their efficiency against a number of benchmarks. These codes have been chosen because they cover a broad spectrum of debtor- and creditor-oriented insolvency procedures. The paper also compares the plans of distressed firms' reorganizations both within and outside the formal bankruptcy process, including the size of write downs and creditors' claims and the deviations from absolute priority which have accrued both to equityholders and different classes of creditors. Some evidence of the costs of bankruptcy is also provided for each country.

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References

1989Management turnover and financial distress 1983Efficient and Durable Decision Rules with Incomplete Information 1992The Economics of Bankruptcy Reform 1989An Empirical Investigation of U.S. Firms in Reorganization

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