The impact of institutionalized representation : creditors' committees and the resolution of corporate liquidation bankruptcies

Cepec, Jaka (avtor), Grajžl, Peter (avtor), Mörec, Barbara (avtor)

We utilize micro-level data on corporate liquidation bankruptcies in Slovenia to conduct the first systematic quantitative investigation of the impact of creditors' committees (CCs) on liquidation bankruptcy outcomes. Slovenian law permits, but does not mandate, the establishment of a CC in liquidation bankruptcy proceedings, ensuring variation in CC incidence across cases. To address the non-random formation of CCs, we use propensity score matching and employ a rich set of covariates. Our findings reveal that CCs boost the liquidation value of bankrupt debtors' assets, thereby facilitating recovery, particularly for priority and ordinary unsecured creditors. Additionally, CCs elevate the overall rate of creditors' recovery relative to the value of liquidated assets. However, CCs also prolong the duration of proceedings and increase the likelihood of litigation. Our analysis thus underscores the multifaceted nature of the effect of institutionalized creditor representation on the efficacy of liquidation bankruptcy proceedings.

• Jezik: Angleški jezik
• Ključne besede: corporations, bankruptcy, company liquidation, corporate bankruptcy, liquidation bankruptcy proceedings, creditors’ committees, debt recovery, duration, Slovenia
• Vrsta gradiva: Članek v reviji
• Tipologija: 1.01 - Izvirni znanstveni članek
• Organizacija: EF - Ekonomska fakulteta
• Status publikacije: Objavljeno
• Različica publikacije: Objavljena publikacija
• Leto izida: 2024
• Št. strani: Str. 397-425
• Številčenje: Vol. 58
• PID: 20.500.12556/RUL-176310
• UDK: 346
• ISSN pri članku: 0929-1261
• DOI: 10.1007/s10657-024-09823-x
• COBISS.SI-ID: 214569987
• Datum objave v RUL: 27.11.2025

Gradivo je del revije

• Naslov: European journal of law and economics
• Založnik: Springer
• ISSN: 0929-1261
• COBISS.SI-ID: 35389185

Licence

• Licenca: CC BY 4.0, Creative Commons Priznanje avtorstva 4.0 Mednarodna
• Povezava: http://creativecommons.org/licenses/by/4.0/deed.sl
• Opis: To je standardna licenca Creative Commons, ki daje uporabnikom največ možnosti za nadaljnjo uporabo dela, pri čemer morajo navesti avtorja.

Sekundarni jezik

• Jezik: Slovenski jezik
• Ključne besede: korporacije, stečaj, likvidacija podjetja

Projekti

• Financer: ARIS - Javna agencija za znanstvenoraziskovalno in inovacijsko dejavnost Republike Slovenije
• Številka projekta: J5-1792-2019
• Naslov: PRAVO DOLŽNIKOV IN UPNIKOV - NORMATIVNA IN PRAVNO EMPIRIČNA ANALIZA