In Sweden, firms that fail to meet their debt obligations are immediately auctioned off to the highest bidder. (There is no reorganization through Chapter 11 bankruptcy.) The current managers are often the high bidders for the company. Why

Explanation:

The process of buying and selling goods or services by offering them up for bid, taking bids, and then selling the item to the highest bidder or buying the item from the lowest bidder is referred to as an Auction.  

In Sweden, the current managers for the company are the high bidders due to the fact that they possess full knowledge of the financial position of the firm and if the current management continues, then reorganizations can be arranged in a private  negotiation between senior creditors and the debtor, without major intrusion from courts and other claimants.

(a) when insurance is obtained through a reciprocal insurer, the insureds are sharing the risk of loss with other subscribers of that reciprocal.

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