In nineteenth-century France, Belgium and the Netherlands, laws imposing pre-insolvency proceedings had different goals. In a first stage, from around 1810 until about 1860, continuity of businesses in distress was not a policy consideration. Rather, legislators purported to give the creditors early control over the insolvent’s estate, which was most often liquidated. Debtor-in-possession features were mostly conceived of as a temporary reward for cooperation; lowered requirements for re-entry in the market after the winding-up of their business were another advantage for cooperating debtors. This was the same in the three aforementioned countries. In the 1870s and 1880s, the French and Belgian legislators created new pre-insolvency proceedings, which allowed debtors to keep their assets. In the Netherlands, fixed-term moratoriums prevented such an approach. Yet, also in Belgium and France, the exemption of secured creditors hampered the feasibility of compositions, and a goal of saving firms in financial peril.

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最后，债权人获胜：法国、比利时和荷兰的破产前程序（1807-c1910）

在 19 世纪的法国、比利时和荷兰，实施破产前程序的法律有不同的目标。在第一阶段，从 1810 年左右到 1860 年左右，陷入困境的企业的连续性不是政策考虑因素。相反，立法者声称要让债权人尽早控制破产者的财产，而这些财产通常被清算。债务人占有特征主要被认为是对合作的临时奖励；降低其业务清盘后重新进入市场的要求是合作债务人的另一个优势。这在上述三个国家都是一样的。在 1870 年代和 1880 年代，法国和比利时立法者创建了新的破产前程序，允许债务人保留其资产。在荷兰，定期暂停阻止了这种做法。然而，在比利时和法国，对有担保债权人的豁免阻碍了组合的可行性，也阻碍了将公司置于财务危机中的目标。