‘Preventive restructuring’ reduces unnecessary bankruptcies – BdF paper

Researchers compare data from French preventive restructuring and traditional bankruptcy systems

The Banque de France

Policy-makers need to carefully design “preventive restructuring” systems separate from traditional bankruptcy procedures, a working paper published by the Banque de France says.

In Bankruptcy costs and the design of preventive restructuring procedures, Anne Epaulard and Chloé Zapha look at how the French system has worked since 2006. Since then, France has had a preventive procedure that co-existed alongside a restructuring procedure for insolvent firms.

Preventive restructuring procedures

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