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Extra resources for Corporate Bankruptcy: Economic and Legal Perspectives

Sample text

For a history of bankruptcy law in this country, see Warren, C , Bankruptcy Law in United States History (1935). 30 A world without bankruptcy II. The Rehabilitation of Corporate Debtors In the century that followed the introduction of discharge in bankruptcy, relieving individuals of overwhelming debt came to be thought of as a good in its own right. Bankruptcy discharge policy was directed towards merchants. Only gradually were the benefits of a bankruptcy discharge extended to everyone. During the same period, however, bankruptcy discharge became less important for merchants.

Then if E(A{) represents the present value of the debtor's assets from its original projects and E(A2) is the present value 20 A theory of loan priorities of the new assets, the cushion of free assets that helps protect the initial lender against default will shrink if, in consequence of the later loan, E{A\) + E(A2)/Li + L2 < E(A)/L The satisfaction of this inequality is a sufficient condition for the value of the initial loan to fall. The smaller the cushion, the more likely asset value will fall below debt value when business reverses occur.

If the firm continued, it would use existing capital or raise new capital to retool. If the firm wound up, it would liquidate and divide its assets ratably among the shareholders. In either case, the process could be orderly. If the firm includes debt, however, there is no assurance of an orderly process. Creditors are different from shareholders in one important respect. A creditor has the right individually to collect his investment from a firm at some predetermined "maturity" or due date. In contrast, a shareholder's investment in a firm does not mature at any predetermined date.

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