Insolvency, Employment Protection and Corporate Restructuring: The effects of TUPE
AbstractThe statutory protection currently provided by UK law to employees during transfers of undertakings and other restructurings has been criticised on the grounds that it undermines insolvency procedures and interferes with the 'rescue' process. We present an analysis which suggests that granting employees contingent control rights may be an efficient means of recognising their firm-specific human capital. Case-study evidence shows that while in some situations employment interests to be factored into the bargaining process so as to enhance the survival chances of enterprises undergoing restructing. the law functions best when effective mechanisms of employee representation are in place and when the conditions under which employees' acquired rights can be waived in the interests of preserving employment are clearly specified. When these institutional conditions are met, employment law performs an economically-valuable role in expressing the interests of employee-stakeholders in the firm.
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Bibliographic InfoPaper provided by ESRC Centre for Business Research in its series ESRC Centre for Business Research - Working Papers with number wp204.
Date of creation: Jun 2001
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Web page: http://www.cbr.cam.ac.uk/
corporate governance; stakeholding; employment protection; corporate restructuring; transfers of undertaking; insolvency;
Find related papers by JEL classification:
- J41 - Labor and Demographic Economics - - Particular Labor Markets - - - Labor Contracts
- K11 - Law and Economics - - Basic Areas of Law - - - Property Law
- K22 - Law and Economics - - Regulation and Business Law - - - Business and Securities Law
- K31 - Law and Economics - - Other Substantive Areas of Law - - - Labor Law
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- John Armour & Michael J Whincop, 2005. "The Proprietary Foundations of Corporate Law," ESRC Centre for Business Research - Working Papers wp299, ESRC Centre for Business Research.
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