企业重组候选人的选择与加拿大破产和破产法程序的信息效率

B. Papillon
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引用次数: 1

摘要

加拿大有两部法律允许公司业务重组:适用于中小企业的《破产和资不抵债法》(BLA)和适用于大型企业的《公司债权人安排法》(CCAA)。自90年代初以来,启动BIA重组程序的公司数量是CCAA的25至30倍。本文根据BIA重组程序各步骤的成功率以及公司财务数据对成功率的影响,对1992年修订以来BIA重组程序的过滤特性进行了评估。在决定BIA重组程序的使用频率和目的的经济主体中,受托人发挥着重要作用,因为他们可以进入该程序。结果表明,该程序的信息效率可以提高,并在结论中提出了关于受托人的激励与信息效率程序的兼容性的问题。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Selection of Candidates for Business Reorganization and Informational Efficiency of Canadian Bankruptcy and Insolvency Law Procedure
There are two laws in Canada allowing for the reorganization of corporate businesses: Bankruptcy and Insolvency Act (BLA) for SME and Company Creditors' Arrangement Act (CCAA) for larger firms. The number of corporations which have initiated a BIA reorganization procedure since the early 90's is twenty five to thirty times larger than the number for CCAA. The paper proposes an evaluation of the filtering properties of the BIA reorganization procedure since the 1992 amendments, based on the success rate at various steps of the procedure and on the effect of corporate financial data on this success rate. Among economic agents who determine how frequent and for which purposes BIA reorganization procedures are used, trustees play an important role, as they give access to the procedure. Results suggest the informational efficiency of the procedure could be improved and questions are raised in the conclusion regarding compatibility of trustees' incentives with an informational efficient procedure.
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