摘要：The imminent entrance in vigor of the "Ley Concursal", law 22/2003 (Spain), aims the necessity to study the potential advantages and inconveniences associated to different legal procedures for the resolution of the managerial failure and that basically they are summed up in two ineficiencia types. This way, a system guided toward the creditor is efficient former - before, but not former - post, when favoring the liquidation of viable companies. On the contrary, a system guided toward the debtor eliminates this last ineficiencia type, but it originates losses in the former efficiency - before, when diminishing the incentives to the directive effort and to favor the continuity of non viable companies. The design of the legislation concursal demands to also keep in mind other variables of the institutional environment of the company like the degree of dispersion of the property, the weight of the bank sector in the provision of funds to the economy or the operation of the mechanisms disciplinadores of the directive performance as the market of corporate control.
其他摘要：The imminent entrance in vigor of the "Ley Concursal", law 22/2003 (Spain), aims the necessity to study the potential advantages and inconveniences associated to different legal procedures for the resolution of the managerial failure and that basically they are summed up in two ineficiencia types. This way, a system guided toward the creditor is efficient former - before, but not former - post, when favoring the liquidation of viable companies. On the contrary, a system guided toward the debtor eliminates this last ineficiencia type, but it originates losses in the former efficiency - before, when diminishing the incentives to the directive effort and to favor the continuity of non viable companies. The design of the legislation concursal demands to also keep in mind other variables of the institutional environment of the company like the degree of dispersion of the property, the weight of the bank sector in the provision of funds to the economy or the operation of the mechanisms disciplinadores of the directive performance as the market of corporate control.
