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Article: Provisional Supervision and Workers' Wages: An Alternative Proposal

TitleProvisional Supervision and Workers' Wages: An Alternative Proposal
Authors
Issue Date2001
PublisherSweet & Maxwell Asia. The Journal's web site is located at http://www.hku.hk/law/hklj/
Citation
Hong Kong Law Journal, 2001, v. 31 n. 2, p. 188-199 How to Cite?
AbstractIn May 2001, the Companies (Corporate Rescue) Bill was gazetted. The Bill makes provision for a statutory corporate rescue mechanism, to be known as provisional supervision. The most controversial aspect of the Bill is the treatment of workers' wages. The Bill essentially requires that before a company may even enter into provisional supervision, it must have paid off in full all debts (and other entitlements) owing to its workers. The Bill does not, however, explain how a financially distressed company is supposed to find the cash to meet the statutory requirement. This requirement may also be criticised because it is at odds with the treatment of workers' wages in other insolvent procedures, thus leading to unfairness. This article proposes an alternative approach, one which, it is suggested, is in the interests of both financially troubled companies and their workers.
DescriptionAnalysis
Persistent Identifierhttp://hdl.handle.net/10722/133089
ISSN
2015 Impact Factor: 0.215
2015 SCImago Journal Rankings: 0.101

 

DC FieldValueLanguage
dc.contributor.authorSmart, P-
dc.contributor.authorBooth, CD-
dc.date.accessioned2011-04-27T04:47:34Z-
dc.date.available2011-04-27T04:47:34Z-
dc.date.issued2001-
dc.identifier.citationHong Kong Law Journal, 2001, v. 31 n. 2, p. 188-199-
dc.identifier.issn0378-0600-
dc.identifier.urihttp://hdl.handle.net/10722/133089-
dc.descriptionAnalysis-
dc.description.abstractIn May 2001, the Companies (Corporate Rescue) Bill was gazetted. The Bill makes provision for a statutory corporate rescue mechanism, to be known as provisional supervision. The most controversial aspect of the Bill is the treatment of workers' wages. The Bill essentially requires that before a company may even enter into provisional supervision, it must have paid off in full all debts (and other entitlements) owing to its workers. The Bill does not, however, explain how a financially distressed company is supposed to find the cash to meet the statutory requirement. This requirement may also be criticised because it is at odds with the treatment of workers' wages in other insolvent procedures, thus leading to unfairness. This article proposes an alternative approach, one which, it is suggested, is in the interests of both financially troubled companies and their workers.-
dc.languageeng-
dc.publisherSweet & Maxwell Asia. The Journal's web site is located at http://www.hku.hk/law/hklj/-
dc.relation.ispartofHong Kong Law Journal-
dc.rightsCreative Commons: Attribution 3.0 Hong Kong License-
dc.titleProvisional Supervision and Workers' Wages: An Alternative Proposalen_US
dc.typeArticleen_US
dc.identifier.openurlhttp://library.hku.hk:4550/resserv?sid=HKU:IR&issn=0378-0600&volume=31&issue=2&spage=188&epage=199&date=2001&atitle=Provisional+Supervision+and+Worders%27+Wages:+An+Alternative+Proposal-
dc.identifier.emailSmart, P: psmart@hkucc.hku.hk-
dc.identifier.emailBooth, CD: hrlebcd@hkucc.hku.hk-
dc.description.naturepublished_or_final_version-
dc.identifier.hkuros64273-
dc.identifier.volume31-
dc.identifier.issue2-
dc.identifier.spage188-
dc.identifier.epage199-

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