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Is Chapter 11 Too Favorable To Debtors? Evidence From Abroad, Theodore Eisenberg, Stefan Sundgren
Is Chapter 11 Too Favorable To Debtors? Evidence From Abroad, Theodore Eisenberg, Stefan Sundgren
Cornell Law Faculty Publications
Chapter 11 is widely believed to be among the industrialized world's most debtor-oriented reorganization laws. Critics assert that Chapter 11 is too easily available and that it allows debtors too much control by, inter alia, not requiring appointment of a trustee. One criticism of Chapter 11, low returns to unsecured creditors, resonates with an important theme of this Symposium, the Bebchuk-Fried proposal to reduce secured creditor priority in insolvency proceedings. The Chapter 11 criticisms and the Bebchuk-Fried proposal raise the question whether less easy access to Chapter 11, reduced debtor control, diminished secured creditor priority, or other changes could reduce …
The Value Of Obvious Empirical Results And The Omniscient Mr. Palans: Response To Mr. Palans' Comments, Theodore Eisenberg
The Value Of Obvious Empirical Results And The Omniscient Mr. Palans: Response To Mr. Palans' Comments, Theodore Eisenberg
Cornell Law Faculty Publications
Mr. Palans' comment raises one worthwhile question. Most of the rest of his rant is either off the subject or too shallow to warrant extended discussion. The useful question Mr. Palans raises is whether this research is of value. The article did not defend this mode of work; perhaps I am too immersed in it to always keep in mind the merits of discussing the question. So let me spell out its benefits here.
Should We Abolish Chapter 11? The Evidence From Japan, Theodore Eisenberg, Shoichi Tagashira
Should We Abolish Chapter 11? The Evidence From Japan, Theodore Eisenberg, Shoichi Tagashira
Cornell Law Faculty Publications
Optimizing reorganization proceedings for small and midsized businesses is an important issue in every industrial country. But little information exists about the actual operation of such proceedings. Recent U.S. bankruptcy studies focus either on consumer bankruptcies or on large Chapter 11 cases involving publicly listed firms. This article presents the results of a comprehensive empirical study of Japan's most frequently used business bankruptcy reorganization provision. Small and midsized reorganizations have become important for several reasons. First, unlike large firms, the vast majority of small businesses fail to obtain confirmation of a Chapter 11 plan and end up in liquidation, thus …