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Swedish bankruptcy auction
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| Swedish bankruptcy auction is a term used (since 2001) by the Swedish-American professor Karin S. Thorburn (born 1964), Tuck School of Business, Dartmouth College. In the USA firms are often reorganized under Chapter 11 of the U.S. Bankruptcy Code, although this procedure often has huge disadvantages, especially for the creditors. Thorburn presents proof, indicating that the creditors get more money quicker, if the firm's assets are auctioned out (piecemeal or as a going concern), as is normal procedure in Sweden. Various types of auctions can be used. Often a First Price Auction is preferred. |
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