LOPEZ-GUTIERREZ, Carlos; TORRE-OLMO, Begoña    SANFILIPPO-AZOFRA, Sergio. Can a Bankrupcy Law be Efficient? A Conceptual Approach to the Solution of Problems of Insolvency. []. , 21, 41, pp.125-144. ISSN 0121-5051.

The modifications made in recent years to bankruptcy legislation in diverse countries and the differences which still persist show the lack of a theoretical reference model regarding the optimum structure that a bankruptcy system must have. Our proposal is that only by taking into account the three types of efficiency in such legislation, and their importance in each of the phases through which a company may go, is it possible to evaluate the usefulness of measures contemplated in bankruptcy procedures. The frequently antagonistic nature of different types of efficiency means that legislation aims to achieve a balance in terms of the objectives sought. Nonetheless, in our view this should not be a fundamental question. The important thing must not be whether or not a law is totally efficient but rather that the measures that it establishes must be truly useful in achieving the proposed objectives. And that is where a profound understanding of the three types of efficiency is indispensable if the aim is to create effective regulations to best achieve its goals.

: Financial difficulties; bankruptcy legislation efficiency; overinvestment; underinvestment.

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