Because of the concern about the effectiveness of cash auctions, a number
of countries have developed alternative procedures based on the notion of
structured bargaining. The idea behind these procedures is that the firm's
claimants are encouraged to bargain about the future of the firm--whether
it should be liquidated or reorganized and how its value should be divided
up--according to predetermined rules. The leading example of a structured
bargaining procedure is Chapter 11 of the U.S. Bankruptcy Code; however,
U.K. administration is based on similar ideas, as are procedures in France,
Germany, and Japan.The basic elements of Chapter 11 are as follows.
A stay is put on creditors' claims (that is, they are frozen: no creditor
is allowed to seize or sell any of the firm's assets during the process);
claim holders are grouped into classes according to the type of claim they
have (securedor unsecured, senior or junior); and a judge supervises a
process of bargaining among class representatives to determine a plan of action and a division of value for the firm. During the process, incumbent management usually runs the firm. An important part of the procedure is that a plan can be implemented if it receives approval by a suitable majority of each claimant class; unanimity is not required.
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Fonte: www.nber.org/papers/w7921
Autor: Oliver Hart (Harvard)
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