Legal Culture, Path Dependence and Dysfunctional Layering in Belgian Corporate Insolvency Law

The history of Belgian corporate insolvency law demonstrates the lasting effect and the replication of implicit legal–economic conceptions. Even though, since the middle of the 19th century, pre‐insolvency proceedings were made available in Belgium, the effectiveness of these proceedings was limited. This was due to the dysfunctional juxtaposing of proceedings and the reluctance of the legislator to change earlier approaches. Closely related thereto was the lack of impact assessments preceding legal reforms and the continuation of ideas regarding the restrained powers of courts and preferentia... Mehr ...