A new bankruptcy procedure that uses multiple auctions

Oliver Hart, Rafael La Porta Drago, Florencio Lopez-de-Silanes, John Moore

    Research output: Contribution to journalArticlepeer-review

    32 Citations (Scopus)


    We propose a new bankruptcy procedure, that makes use of multiple auctions. The procedure is designed to work even when capital markets do not function well (for example in developing economies, or in economies in transition) - although it can be used in all economies. © 1997 Elsevier Science B.V.

    Original languageEnglish
    Pages (from-to)461-473
    Number of pages13
    JournalEuropean Economic Review
    Issue number3-5
    Publication statusPublished - Apr 1997


    • Bankruptcy reform


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