The Law and Economics of Creditor Protection

Academic work on both sides of the Atlantic suggests that traditional mandatory rules should give way to individual solutions which are freely negotiated between creditors and corporate debtors. Moreover, recent judgments of the European Court of Justice have spurred regulatory competition between Member States. The incumbent system is also being challenged by the Europe-wide introduction of the International Accounting Standards/International Financial Reporting Standards, and the European Insolvency Regulation is questioning how company law and insolvency law shall be realigned in the future. Reform of the European rules on creditor protection in company law is therefore imminent. This book presents important contributions to the current debate on creditor protection in European company law, based on a symposium held in Munich in December 2005. Contributors include scholars who are currently working on reform projects in various Member States and leading experts in company law, insolvency law, accounting law, and economics.