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The purpose of this book is to provide a coherent overview of the insolvency systems found around the world. Its intended audience includes academics, judges, lawyers, and policymakers. Its focus is on businesses rather than natural persons. The authors hope to give the reader a sense of some of the principal approaches to managing the general default of a business debtor. The authors will discuss the nature of the costs and benefits arising from the various policy choices legislators have made. In the process, they will emphasize the close interrelationship among various elements of an insolvency regime so that these elements can be viewed as part of an overall system and not just as a series of policy decisions about particular rules, such as the method of initiation of an insolvency case or the balance struck in setting the boundaries of an avoidance power. The organization of the book reflects our view of insolvency laws as complete systems, including not only the 'insolvency' or 'bankruptcy' code of a jurisdiction but also closely related laws and the institutional framework in which those laws are applied. The book takes a systematic approach to a variety of topics related to credit and insolvency regulation. The functional analysis starts with the study of debt enforcement, continues with an examination of general corporate insolvency legislation, corporate rehabilitation proceedings, informal workouts, employee rights, judicial and administrative institutions, and the considerations key to cross-border insolvency proceedings.

The present paper explores the link between bankruptcy law and firms’ dynamics, focusing on Italy as a case study. Relying on a previous literature dealing with the concept of entrepreneurship “friendly” bankruptcy law, we stress the idea that bankruptcy institutions, although connected to a painful event for firms, might still yield beneficial consequences on a societal level. In particular, we find evidence that quicker judicial resolutions of liquidation bankruptcies have an impact on firms’ entry and exit rates in Italy, by reducing the indirect costs that a bankrupt firm must undergo and allowing a quicker reallocation of assets towards more efficient destinations. Such effect is related with firms’ organizational structure and size.

PurposeTo provide insights into the role of formal and informal accounts in preventing the liquidation of a professional football club and in post-crisis rebuilding.Design/methodology/approachThis case study, framed as a conflict arena, covers an eight-year period of a high-profile struggle over the future of a professional football club. It uses a mixed methods design, including direct engagement with key actors involved in administration proceedings and transformation to a hybrid supporter-owned organisation.FindingsOur findings suggest that within the arena:• formal accounting and governance were of limited use in managing the complex network of relationships and preventing the abuse of power or existential crises. • informal accounting helped mobilise critical resources and maintain supporters’ emotional investment during periods of conflict. • informal accounts enabled both resistance and coalition-building in response to perceived abuse of power. • informal accounts were used by the Club as part of its legitimation activities.Originality/valueThis study provides theoretical and empirical insights into an unfolding crisis with evidence gathered directly from actors involved in the process. The conceptual framework developed in this paper creates new visibilities and possibilities for developing more effective accounting practices in settings that enable continuing emotional investment from supporters.

PurposeThe purpose of this article is to critically examine the collective bargaining strategies employed by unions during the closure of Nissan Zona Franca and to challenge the assumption that institutional and mobilising power resources are mutually exclusive. By focusing on unions’ ability to mobilise rank-and-file workers and intervene in industrial policy, the article highlights the limitations of micro-corporatist approaches in securing long-term employment. It argues for a more dynamic, context-sensitive understanding of how unions can combine and generate power resources. Ultimately, the study seeks to contribute to union renewal literature by offering actionable insights for navigating global industrial challenges.Design/methodology/approachThis study examines union responses to the closure of Nissan Zona Franca, drawing on fieldwork conducted between November 2023 and January 2024. Over 20 in-depth interviews were carried out with workers, union delegates, senior union officials and representatives from the Spanish Ministry of Industry and two Catalan political parties. Additionally, union pamphlets, official documents and news articles were analysed to contextualise the negotiation process. Special attention was given to capturing differences and similarities among the four unions representing the workforce. This multi-level approach ensured a nuanced understanding of union strategies, highlighting how confrontational tactics shaped industrial policy under shared adversity.FindingsThe article finds that unions at Nissan Zona Franca successfully combined institutional and confrontational power resources, challenging the view that these strategies are incompatible. Despite initial fragmentation, unions mobilised rank-and-file workers to push for an industrial plan, demonstrating how confrontational tactics can activate and transform institutional power. The study also highlights the relational, context-dependent nature of power resources and critiques the lack of industrial policy in Spain. It emphasises the importance of unions adopting proactive roles in shaping industrial alternatives, offering evidence that union-led interventions can influence corporate decisions and create new avenues for worker representation and protection.Practical implicationsThe practical implications of this paper suggest that unions must adopt more creative and resourceful strategies in response to upcoming economic and industrial shifts in Western countries. The study underscores the importance of strategically combining existing power resources to create new, more effective ones, requiring foresight and vision from union leaders. While some leaders demonstrated insight in managing the Nissan Zona Franca closure, the broader context highlights the need for long-term strategies that prioritise workers’ economic well-being on a global scale. Whether through consensus or conflict, the paper suggests that conflict may often be necessary to build more cohesive and democratic societies, pointing to the need for unions to balance both approaches to effectively navigate industrial transformations.Originality/valueThe originality of the article lies in its examination of how unions at Nissan Zona Franca combined institutional and confrontational power resources to respond to a factory closure, challenging dominant assumptions in union renewal literature. Unlike most studies that treat these power strategies as mutually exclusive, this article highlights their dynamic interplay and mutual reinforcement. Additionally, it shifts focus from the governance of industrial policy to the processes of its formation, demonstrating how unions can shape industrial alternatives through rank-and-file mobilisation. This case study provides a novel, context-sensitive perspective on union strategy in the face of global industrial challenges.

Avanti Communications Ltd. is a satellite operator which owned orbiting payload, network and ground equipment on Earth, as well as various national and international filings and licences for orbital slots and related terrestrial activity. The company went into administration. The question arose as to whether those assets were subject to a fixed or floating charge. On an application for directions by administrators, Edwin Johnson J. agreed with secured creditors that fixed charges had been created: 'Re Avanti Communications Ltd. (in administration)' [2023] EWHC 940 (Ch). The judge did not have the benefit of opposing argument from unsecured and preferential creditors. The administrators themselves adopted a neutral stance, going no further than to describe the merits as \"finely balanced\" (at [133]). It is suggested that the secured creditors' argument - as accepted by the court - was wrong in principle and against the grain of 'Agnew v Commissioner of Inland Revenue' [2001] UKPC 28, [2001] 2 A.C. 710 (P.C.) and 'Re Spectrum Plus (in liquidation)' [2005] UKHL 41, [2005] 2 A.C. 680.

We empirically study the effect of Chrysler’s Chapter 11 bankruptcy filing on the quantity sold by its competitors in the U.S. auto industry. When financially distressed firms have overwhelming debts, a prominent option for survival is to file for Chapter 11 bankruptcy protection. We empirically study the effect of Chrysler’s Chapter 11 bankruptcy filing on the quantity sold by its competitors in the U.S. auto industry. The demand for competitors could increase because they may benefit from the distress of the bankrupt firm (competitive effect). By contrast, competitors could experience lower sales if the bankruptcy increases consumer uncertainty about their own viability (contagion effect). A challenge to measuring the impact of bankruptcies is the coincident decline in economic conditions stemming from the Great Recession and the potential effect of the “cash for clunkers” program (among other confounding factors). To identify the effect of the bankruptcy filing, we employ a regression-discontinuity-in-time design based on a temporal discontinuity in treatment (i.e., bankruptcy filing), along with an extensive set of control variables. Such a design is facilitated by a unique data set at the dealer–model–day level that allows us to compare changes in unit sales in close temporal vicinity of the filing. We find that unit sales for an average competitor decrease by 28% following Chrysler’s bankruptcy filing. Several types of evidence suggest that this negative demand spillover effect is driven by a heightened consumer uncertainty about the viability of the bankrupt firm’s rivals. For example, we show that the sales of competitors’ vehicles that compete within the same segments as the bankrupt firm’s vehicles or that provide lower value for money are affected more negatively in response to the Chrysler filing. We also observe more web search activity for Chrysler’s competitors after the filing. Our findings are robust to different estimation strategies (global versus local), different functional forms, different estimation windows, the inclusion of various controls (e.g., “cash for clunkers,” incentives, advertising, inventory, recalls, price, and consumer confidence), the donut regression discontinuity approach, a potential serial correlation issue, a falsification exercise, and the inclusion of differential trends at various levels. Our study aims to inform policymakers and managers about unintended short-term demand consequences of Chapter 11 bankruptcy. The online appendices and data files are available at https://doi.org/10.1287/mksc.2018.1138 .

LAW A bankruptcy trustee wants a judge to toss a Mountain Home oncologist's $1.6 million bankruptcy case. Worlow said in the filing that Gast concealed from the bankruptcy court and interested parties her transfers of her interest in her home in Oklahoma, a condo and a Mountain Home house she bought in 2020 by not disclosing them in her bankruptcy filing. [...]an insurance policy renewal notice with a date mailed March 3, 2021, less than a month before her bankruptcy filing, showed that she and Martin \"actually owned many valuable jewelry items and fine art by high profile artists such as Peter Max and Romero Britto,\" the filing said.