Abstract

http://ssrn.com/abstract=875362
 
 

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Protection for Whom?


Stanley D. Longhofer


Wichita State University - W. Frank Barton School of Business

Stephen R. Peters


Kansas State University - Department of Finance


Regulation, Vol. 28, No. 4, pp. 20-25, Winter 2005

Abstract:     
Once a debtor becomes financially distressed, conflict among creditors can occur, leading to an inefficient liquidation of the debtor. We argue that bankruptcy law is intended to protect creditors from one another. In the absence of a bankruptcy system, creditors generally find individual debt-collection remedies privately optimal, even though a coordinated liquidation would increase the total value of the firm's assets that could be distributed to the creditors as a group.

Number of Pages in PDF File: 6

Keywords: bankruptcy, bankruptcy law, bankruptcy system, creditor, debtor, debt-collection, liquidation

JEL Classification: G3, G33

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Date posted: January 14, 2006  

Suggested Citation

Longhofer, Stanley D. and Peters, Stephen R., Protection for Whom?. Regulation, Vol. 28, No. 4, pp. 20-25, Winter 2005. Available at SSRN: http://ssrn.com/abstract=875362

Contact Information

Stanley D. Longhofer (Contact Author)
Wichita State University - W. Frank Barton School of Business ( email )
1845 N. Fairmount
Wichita, KS 67260
United States
316-978-7120 (Phone)
316-978-3263 (Fax)
HOME PAGE: http://webs.wichita.edu/longhofer
Stephen R. Peters
Kansas State University - Department of Finance ( email )
Manhattan, KS 66506
United States
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