“…The way firm's continuation is decided in court may represent an important mechanism to solve the conflict between secured and unsecured claimants. Our research question is worthy of attention, as the reorganization procedure is poorly used despite a significant spread across national legislations during the 2000s (Stef, 2017). According to Brouwer (2006), the percentage of confirmed reorganization cases was close to 2.5% of the total bankruptcy cases in France (Kaiser, 1996), 0.39% in Germany (Kaiser, 1996), 2% in the Netherlands (Boot & Ligterink, 2000), and 5% in the United States (Gilson, 2001).…”