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Bankruptcy Laws Around Europe (1850–2015): Institutional Change and Institutional Features

Published online by Cambridge University Press:  28 February 2020

PAOLO DI MARTINO ,
MARK LATHAM  and
MICHELANGELO VASTA
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Abstract

Despite the relevance of bankruptcy law for a number of key issues regarding business functioning and organization, little is known about the features and evolution of these legal institutions over time and space. This paper starts to fill this gap in current knowledge by analyzing a new data set providing consistent information about key features of bankruptcy law between 1850 and 2015 in the thirty largest European economies. Regarding institutional change, our analysis supports the established view of a link between macroeconomic changes and the introduction of procedures alternative to bankruptcy. However, this process shows significant differences at the national level, making it difficult to support the idea of change as the result of belonging to a given legal system (French; common law; Scandinavia; Germanic), or the degree of economic development. Instead, change in bankruptcy institutions seems to be a product of, and contributor to, the wider process of individual state formation. Similarly, the features of bankruptcy procedures seem to confirm this picture: Looking at their possible outcomes, the right to begin proceedings, and degree of application to different types of debtors, national differences appear deep and persistent, despite a generalized pattern of convergence over time toward a less punitive approach to bankruptcy. Contact Information: University of Birmingham, Birmingtonham Business School, University House, Edgbaston Park Road, Birmingham, West Midlands, B15 2TY, United Kingdom of Great Britain and Northern Ireland. E-mail: [email protected]

Type
Article
Information
Enterprise & Society , Volume 21 , Issue 4 , December 2020 , pp. 936 - 990
Copyright
© The Author 2020. Published by Cambridge University Press on behalf of the Business History Conference. All rights reserved.

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Footnotes

We are indebted to the Leverhulme Trust for supporting this research under Grant IN-2014-017. We would like to thank Sara Pecchioli for outstanding research assistance and Alberto Montesi for helping us in bibliographic research. The authors also wish to thank Jaka Cepec, Dave De Ruysscher, Martin Ivanov, Jasper Kunstreich, Nadine Levratto, and Jussi Sallila for comments and criticisms to previous version of this paper. Usual caveat applies.

References

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Di Martino, Paolo, and Hautcoeur, Pierre-Cyrille. “The Functioning of Bankruptcy Law and Practices in European Perspective: c.1880–1913.” Enterprise and Society 14, no. 3 (2013): 579–605.Google Scholar
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Gutiérrez, Carlos López, Olalla, Myriam García, Olmo, Bego˜na Torre. “The Influence of Bankruptcy Law on Equity Value of Financially Distressed Firms: A European Comparative Analysis.” International Review of Law and Economics 29, no. 3 (2009): 229–43.CrossRefGoogle Scholar
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Jaatinen, Pekka, and Remes, Anna-Kaisa. “Finland.” In The International Insolvency Review, edited by Bernstein, Donald. London: Law Business Research Ltd, 2015: 156-165.Google Scholar
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