NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

A New Bankruptcy Procedure that Uses Multiple Auctions

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

NBER Working Paper No. 6278*
Issued in November 1997
NBER Program(s):   CF

We develop 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."

*Published: European Economic Review, Papers and Proceedings, Vol. 41, nos. 3-5(April 1997): 461-473.

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