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Rescue before a fall: an Anglo-French analysis of the balance between corporate rescue and employment protection

机译:倒下前进行救援:英法分析企业救援与就业保护之间的平衡

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摘要

The financial crisis of 2007/8 has had a significant impact on the place of social policy objectives in the Common Market. As laws have been reformed over the years since the failure of Lehman Brothers1 set in motion a domino effect among high risk investment banks and financial institutions throughout the economically advanced nations of this world, both employment protection and corporate rescue have been found, at times, in the spotlight. While the corporate rescue culture of the European Union2 promotes the rehabilitation of businesses in financial distress in preference to liquidation where possible, it also emphasises reducing unemployment and social exclusion.3 The social implications of corporate rescue must therefore be considered, rather than taking a purely economic approach, emphasising creditor wealth maximisation during insolvency proceedings.4 EU social policy has generated a number of employment regulations, such as the Acquired Rights Directive,5 which are arguably the greatest obstacle to promoting corporate rescue. Thus there is an enduring conflict that subsists between the aims of corporate rescue and employment protection regulation.udSubstantial employment protection damages the effectiveness of corporate rescue by deterring acquisitions in view of the potential liability attached to transferring employees.6 Ineffective corporate rescue may then have an adverse effect on the economy and job security due to increased company failures and job losses.7 Employees attached to the sale of a business in a corporate rescue procedure can represent a liability, reducing the intrinsic value of that business and potentially reducing the number of businesses successfully rehabilitated through the use of corporate rescue mechanisms. The obstruction to successful corporate rehabilitation represented by employment protection must therefore be balanced with corporate rescue in order to successfully promote the rescue culture. An examination of the approaches taken by different jurisdictions, in this case the United Kingdom and France due to their important influence in the EU as well as their archetypically different legal systems should help elucidate how the tension could be managed in order to achieve a balance between them.udThe form of examination is particularly important if an effective reform is to be introduced. As such, a comparative historical methodology concentrating on the path dependent legal developments of both jurisdictions will be applied in order to discover the fundamental historical, economic, social, political, and cultural differences between the UK and France that have influenced their approaches to social policy and corporate insolvency law. Legal developments cannot be explained by examining a legal rule in isolation, but must account for the social and economic pressures operating on the law from the outside as well as the established ways in which the issues are dealt with internally. Even when economic and social conditions are similar at the time that a parallel rule is promulgated, the differences in historical journeys to arrive at similar rules can explain why different jurisdictions do not approach new problems in the same way.8udThis thesis will analyse the legal position of employment protection and corporate rescue in the UK and France through a historical comparative analysis of the political, social, and economic developmental context. Based on the understanding of each jurisdiction’s path dependent position within the legal framework of the EU, reform of the ARD will be recommended that attempts to balance the aims of corporate rescue and employment protection in the event of business transfers occurring during corporate rescue procedures. Given that the regulation of this policy intersection is made within the EU legal framework, the comparative historical analysis methodology will assist in identifying the most effective reform that will fit within the varied legal systems of the EU Member States, and also help to predict how such a reform may be implemented over time. This Thesis will provide an innovative contribution to the existing knowledge and literature in the area of social policy in insolvency by using a comparative, historical, path dependent methodology to reveal a potentially effective approach to introducing unique legal reform to the conflicted intersection in the ARD of the promotion of the rescue culture by ensuring effective business transfers in corporate rescue procedures, while providing a balanced protection for employees affected by corporate restructuring.udud1 See The Economist "The Origins of the Financial Crisis: Crash Course" (7 September 2013)ud accessed 17 December 2015.ud2 Hereafter referred to as the "EU".ud3 KG Broc and R Parry, Corporate Rescue: An Overview of Recent Developments from Selected Countries (Kluwer 2003) 5-6.ud4 V Finch, Corporate Insolvency Law: Perspectives and Principles (2nd edn, CUP 2009) 14-15.ud5 Council Directive 2001/23/EC of 12 March 2001 on the approximation of the laws of the Member States relating to the safeguarding of employees' rights in the event of transfers of undertakings, businesses or parts of undertakings or businesses [2001] OJ L82/16 (hereafter referred to as the "ARD").ud6 H Collins, "Transfer of Undertakings and Insolvency" (1989) 18 ILJ 144.ud7 Ibid.
机译:2007/8年的金融危机对社会政策目标在共同市场中的地位产生了重大影响。自雷曼兄弟(Lehman Brothers)倒闭以来的数年间对法律进行了改革,在整个世界经济发达国家的高风险投资银行和金融机构之间产生了多米诺骨牌效应,有时发现有人在保护就业和对公司进行救助的同时,在聚光灯下。欧盟的公司救助文化2在可能的情况下优先于清算来促进处于财务困境中的企业的复兴,但它也强调减少失业和社会排斥。3因此,必须考虑公司救助的社会意义,而不是单纯地考虑。经济方法,强调破产程序中债权人财富的最大化。4欧盟的社会政策产生了许多就业法规,例如《获得权利指令》 5,这无疑是促进公司救援的最大障碍。因此,公司救助的目的与雇佣保护法规之间存在着持久的冲突。 ud鉴于雇佣关系中潜在的责任,大量的雇佣保护会阻止收购,从而损害了公司救助的有效性。6这样,无效的公司救助可能具有由于公司倒闭和失业人数增加而对经济和工作安全产生不利影响。7按照公司救援程序进行业务出售的员工可能会承担责任,从而降低了该业务的内在价值,并有可能减少通过使用公司救援机制成功恢复了业务。因此,以就业保护为代表的对成功的公司复兴的阻碍必须与公司救援相平衡,以便成功地推广救援文化。对不同司法管辖区(在这种情况下为英国和法国)由于其在欧盟中的重要影响以及其根本上不同的法律体系而采取的方法的研究,应有助于阐明如何管理紧张关系,以实现两者之间的平衡。 ud如果要进行有效的改革,检查的形式尤其重要。因此,将采用比较历史方法论,着重于两个司法管辖区的路径依赖法制发展,以发现影响法治社会政策方法的英法之间的基本历史,经济,社会,政治和文化差异以及公司破产法。无法通过孤立地研究法律规则来解释法律的发展,但必须解释外部对法律施加的社会和经济压力以及内部处理问题的既定方式。即使在颁布平行规则的时候经济和社会条件相似,但在达到相似规则的历史历程中的差异也可以解释为什么不同的管辖区不能以相同的方式处理新问题。8 ud本文将分析通过对政治,社会和经济发展背景的历史比较分析,对英国和法国的就业保护和企业救助的法律地位进行了比较。基于对每个司法管辖区在欧盟法律框架内依赖路径的理解,我们将建议对ARD进行改革,以在公司救援程序中发生业务转移时尝试平衡公司救援和就业保护的目标。鉴于此政策交叉点的法规是在欧盟法律框架内制定的,比较历史分析方法将有助于确定最有效的改革措施,以适应欧盟成员国各种法律体系的要求,并有助于预测这种情况。随着时间的流逝,可能会进行改革。本论文将通过使用一种比较性的,历史的,路径依赖的方法,揭示一种潜在的有效方法,对ARD冲突的交叉路口进行独特的法律改革,从而为破产的社会政策领域的现有知识和文献提供创新的贡献。通过确保公司救援程序中有效的业务转移来促进救援文化的发展,同时为受公司重组影响的员工提供平衡的保护。 ud ud1参见经济学家“金融危机的根源:速成班”(2013年9月7日) ) ud访问于2015年12月17日。 ud2以下简称“欧盟”。 ud3 KG Broc和R Parry,公司救援:某些国家的近期发展概况(Kluwer,2003年)5-6。 ud4 V Finch ,《公司破产法:观点与原则》(第二版),CUP 2009)14-15。 ud5,2001年3月12日理事会指令2001/23 / EC,该指令与成员国在转让企业,业务或零件时保护雇员权益的法律近似[2001] OJ L82 / 16(以下简称“ ARD”)。 ud6 H Collins,“企业和破产的转移”(1989)18 ILJ144。 ud7同上。

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