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5 Eur. Bus. Org. L. Rev. 1 (2004)

handle is hein.journals/eunbuioiz5 and id is 1 raw text is: European Business Organization Law Review 5: 1-5 1 © 2004 T.M.C.ASSER PRESS DOI10.1017/S 1566752904000011 Editorial Corporate Reorganization and Bankruptcy This volume arose out of an October 2003 Conference on Corporate Reorgani- zations and Bankruptcy organized by the Faculty of Law and Center for Company Law at Tilburg University. The principal focus of the issue is corporate governance and bankruptcy reform, but also highlights the European Company (SE) and the theory and practice of cross-border reorganizations and inter-state competition in corporate structures. The special issue has four major sections. The first part of this issue examines the Post-Enron reforms to the United States reporting system and European Commission initiatives on corporate governance and disclosure. In William Bratton's article, he identifies the diffi- culties of employing principles-based reporting systems to constrain opportu- nistic actions of managers and recommends that the US move to principles be delayed until institutional reforms have succeeded. Karel Lannoo and Arman Khachaturyan provide a critical analysis of the proposals contained the European Commission's Communications on corporate governance and rein- forcing the statutory audit. In the second part of the issue, attention shifts to the importance developing the legal rules and institutions that facilitate the development of a venture capital market in Europe. Joseph McCahery and Erik Vermeulen, in focusing on inter-state competition in the EU, show the extent to which the competitive pressures have led lawmakers to create limited partnership structures that meet the needs of venture capitalists. John Armour, in examining relationship between legal rules and the incidence of venture capital, views a nation's insol- vency law as having a potentially a positive impact on the demand for venture capital. In the third part of the issue, Ian Fletcher examines the potential impact of Enterprise Act 2002 on corporate insolvency practice in the UK. Daniel Prentice focuses on the different ways that the Enterprise Act 2002 will affect the bargaining strategies of secured lenders. Finally, in the fourth part of the issue, Theo Raaijmakers examines the European Company (SE), the issues surrounding board structure and corporate governance, and whether the SE is a suitable vehicle that could enhance regulatory competition. Overview of the Articles The first article, by William Bratton, focuses on the debate over the reform of financial reporting and the factors that are responsible for the move toward

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