Bankruptcy Liquidation Model

As a competitive mechanism of only the fittest survives, bankruptcy is a common business phenomenon. Allocation of bankruptcy property is an issue of concern to many scholars. Bankruptcy liquidation models are often deficient. In this paper, based on complete information of creditors´ claims, their maximum expectation and minimum requirements, creditors´ utility functions are improved. Utility functions are the keys of allocation rules. The liquidation model constructed in this paper provides the specific bankruptcy problems only a unique distribution result. The result is stable, every creditor are equal at satisfaction degree. That is to say, the allocation rule is impartial