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RBA Glossary definition for bankruptcy

bankruptcy – A legal status, which can be initiated by a creditor or person concerned, whereby the bankrupt's property is vested in a trustee and, with the exception of certain personal and professional property, is available for distribution to creditors.

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Conclusions

1 Nov 1993 RDP 9311
Philip Lowe and Thomas Rohling
but to reduce the probability of subsequent bankruptcy and loss of their job. ... While we present no direct evidence in support of the view that this recapitalisation (or reliquefication) is an attempt to reduce the cost of external funds and reduce
https://www.rba.gov.au/publications/rdp/1993/9311/conclusions.html

Agency Costs, Credit Supply and Credit Demand: A Review

1 Nov 1993 RDP 9311
Philip Lowe and Thomas Rohling
The firm, through its manager, is assumed to maximise expected profits less expected bankruptcy costs. ... In this model, bankruptcy costs are added to the objective function in an attempt to capture management's dislike for bankruptcy.
https://www.rba.gov.au/publications/rdp/1993/9311/agency-costs-credit-supply-demand.html

Some Empirical Evidence

1 Nov 1993 RDP 9311
Philip Lowe and Thomas Rohling
As the firm becomes more financially fragile, risk averse managers become increasingly concerned about bankruptcy. ... Davis (1992) tests directly for the effects of debt ratios on bankruptcy in a number of countries.
https://www.rba.gov.au/publications/rdp/1993/9311/some-empirical-evidence.html

References

1 Nov 1993 RDP 9311
Philip Lowe and Thomas Rohling
Gilson, Stuart (1990), ‘Bankruptcy, Boards, Banks, and Blockholders, Evidence on Changes in Corporate Ownership and Control when Firms Default’,.
https://www.rba.gov.au/publications/rdp/1993/9311/references.html