Bail-out, bail-in, or restructuring? In this article, we argue that restructuring has its rightful place in macro crises, such as the Covid pandemic. A policy primarily focuses on insolvency avoidance and bail-outs is misled it creates unwanted risk incentives, distorts market selection resource allocation, reduces beneficial transformative pressure. As a crisis typically goes hand with new fun...

The life of Rembrandt van Rijn (1606-1669) has received considerable attention and, moreover, his fijiling for ‘bankruptcy’ in July 1656 been re-examined. Especially Paul Crenshaw distilled – from a detailed analysis the archival materials picture reluctantly fulfijilling obligations and transgressing edges what law or custom allowed. This article, by contrast, argues that legal dealings artist...