Cross-sectional Studies of Secured Interests, Execution and Bankruptcy Law

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This research aimed to investigate the background of recent reforms of security interests law, execution law and bankruptcy law, and establish (clarify) cross-sectional pricples underlying these legal fields and made some proposals for legislation and legal practice.The research results are to be summarized in three points which turn (hinge) on the recent movement of diversification and speeding up of the process of execution and bankruptcy procedures.1.The first concerns the importance of the extra-judiciary procedures for diversification and streamlinig of the process of the execution and bankruptcy. Besides M & A in U.S., in France, the notaires and commissaire-priseurs developed the procedures such as la vente aimable, la conversion de la saisie en vente volontaire, l'ordre amiable, l'ordre consensuel etc.2.The third concerns the importance of those who manage the execution and bankruptcy. Besides the court officials, investment bankers, accountants, tax accountants and lawyers play very imprtant roles for diversification and streamlinig of the process inm U.S.and recent Japan. Noteworthy is also the introduction of the Insolvency Practitioners in England in 1986.3.The second is the weakening or restructuring of some secured interests in diversified and speeded up procedures of execution and bankruptcy. The question is double. The first question is how far weaken the secured interests against the creditors, the second is how far weaken the transactional creditors among whom wages employees and contractors are practically important, against the financial creditors.