Bankruptcy costs, leverage and multiple secured creditors: the case of management buy-outs
Accounting and Business Research, January, 2008 by Wright, Mike; Citron, David
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Abstract-Using a unique, hand-collected final dataset of 57 management buy-outs in distress, this paper analyses the determinants of bankruptcy costs under the UK's receivership regime. We show that the direct costs of receivership consume a significant percentage of the receivership proceeds, with mean receivership costs equal to 30% of receivership proceeds.
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Importantly we find that while the average length of receivership was 3.0 years, 95% of repayments are made on average within 1.9 years. Our findings do not support the argument that multiple lenders create inefficiencies resulting in ...
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