A dataset of 51 European laws and statutes has documented the evolution of bankruptcy procedures between 1808 and 1914. A first conclusion is that, throughout the period, the protection of creditors’ rights was a core feature of all statutes, whatever the legal tradition they belonged to; only England may be considered a partial exception. The claim that “legal origins” have a permanent, country-specific impact on creditors’ rights, as defended in LLSV (1998) and elsewhere, is thus not warranted43. This certainly does not imply that all countries were equally efficient in actually protecting stated rights; but as far as the structure of the law is concerned, there is not much room for doubt.
Beyond, the main lesson is that broad, continent-wide evolutions, arguably linked to the process of capitalist development, are much more important that country-specific features.
Two bankruptcy models were identified across the Continent. A first one, best represented
42
See Baird (1987), Bebchuk and Fried (1996), Jackson (1982), Warren (1987).
43
Comparable conclusions are reached i.a. by Lamoreaux and Rosenthal (2005) and by Musacchio (2005).
by the 1808 Napoleonic Code, was characterised by heavy threats and repression vis-à-vis the debtors and by limited contractual autonomy; at the time, the rationale put forwards was the need to control moral hazard and opportunism. After a transition period between the late 1860s and the late 1880s, an alternate and more liberal model emerged: prison for debt was abandoned, rehabilitation became easier, and the parties were given much more room to re-contract on property rights. If the explanation for the first model is correct then, transaction risks should have declined sharply in the latter part of the century.
The empirical evidence does not contradict the observation of covariance within legal traditions. Instead it underlines the extent of joint changes across countries as well as the pattern along which traditions may evolve: they can endure for centuries, but they can also adjust rapidly to a changing environment. The shift of English statutory law toward court-based debt discharge and multiple-entry procedures is a remarkable example. Yet, it is not possible to point out any occasion when “legal origins” might have been at work, against or in support of creditors’ rights. No essential or a-historical hard core of legal institutions could be observed that would predict how real-world institutions are designed and how they bear on economic outcomes. “Legal origins” are a proxy for a social entity whose shape, structure, and quality remain elusive.
REFERENCES
Primary legal texts
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Box 1 – The bankrupt’s status, an index
- Is prison for debt a standard feature, or is it limited to open misconduct, bad faith behaviour, etc?
- Can the debtor be freed, once he has transferred all his wealth to his creditors?
- Is rehabilitation a normal outcome of bankruptcy closure?
- Do traders and non-traders follow the same basic procedure?
Box 2 – Contractual autonomy, an index
Are there pre-conditions to the confirmation of an arrangement, in terms of i.a.
minimal return?
Does the law include an out-of-bankruptcy, judicial moratorium (or stay) for solvent but illiquid debtors?
Does the law allow broader, out-of-bankruptcy arrangements, with judicial oversight and confirmation ?
Does such arrangement require pre-conditions, in terms i.a. of minimal return?
Are there legal guarantees to extra-judicial arrangements?
Does the law allow the receivers to engage into active trading on behalf of the creditors?
ANNEX 1
MAJOR BANKRUPTCY LAWS ADOPTED BETWEEN 1814 AND 1914 IN EUROPE
Austria
1859, law on bankruptcy 1865, end of prison for debt
1869, reform of the law on bankruptcy 1885, new bankruptcy law
Hungary
1842, law on bankrutpcy 1881, law on bankruptcy
Belgium
1830, inherits the French 1808 Code 1851, reform of the bankruptcy law 1871, end of prison for debt
1883, introduction of the non-bankruptcy composition
Italy
1842, commercial code (Kingdom of Piedmont & Sardinia)
1814, inherits the 1808 Code de commerce 1838, reform of the commercial code 1893, reform of the commercial code,
end of prison for debt
England,
1814, reform of the bankrutcy law 1826, reform of the bankrutcy law 1831, reform of the bankrutcy law 1843, reform of the bankrutcy law 1849, reform of the bankrutcy law 1861, reform of the bankrutcy law 1869, reform of the bankrutcy law,
end of prison for debt 1883, reform of the bankrutcy law
Norway
1863, law on bankruptcy 1874, end of prison for debt 1899, non-bankruptcy composition 1866, end of prison for debt 1889, non-bankruptcy composition
1905, reform of the bankruptcy law
Russia
1877, law on bankruptcy, end of prison for debt 1898, partial reform of the bankruptcy law
Sweden
1830, ordnance on bankruptcy 1862, new bankruptcy law
Switzerland
1874, end of prison for debt 1889, first federal law on bankruptcy
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