Abstracts
Résumé
Cet article offre une revue argumentée et critique de la littérature consacrée à l’utilisation d’un mécanisme d’enchères dans le traitement des défaillances d’entreprises au travers de deux questions. Quels sont les avantages et les inconvénients des deux systèmes a priori rivaux, l’enchère et la procédure collective fondée sur une analyse détaillée des possibilités de redressement de l’entreprise effectuée par le tribunal ? Puis, quelles sont les difficultés posées par l’introduction d’une procédure d’enchères dans un système juridique hermétique à cet instrument? Par ce biais, c’est la question plus générale de la réforme des procédures collectives fortement encadrées par le tribunal qui est abordée.
Abstract
This article reviews developments concerning how firms, their stakeholders or bankruptcy courts may use auctions to resolve financial and economic distress. In our analysis, we give special attention to the two major following questions. First, what are the comparative advantages and limits of the two rival systems : the auction and the reorganization procedure where an official decides whether the firm should be continued or liquidated? Second, how to introduce auctions in a reorganization process where bankruptcy court has a great influence?
Appendices
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