The impact of austerity in the framework of corporate rescue and the rights of workers in the EU: a road to recovery?

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Gant, J.L.L. ORCID: 0000-0002-5789-8742 and Kastrinou, A. ORCID: 0000-0001-5441-723X, 2017. The impact of austerity in the framework of corporate rescue and the rights of workers in the EU: a road to recovery? International Insolvency Review, 26 (2), pp. 176-203. ISSN 1180-0518

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Official URL: http://doi.org/10.1002/iir.1276

Abstract

The financial crisis and the sovereign debt crisis have been attributed to a number of causes. Whether these are economic, social, cultural, or legal, they are all by and large also political. The aim of this article is not to delve into the myriad of heated political arguments that continue to dominate the scene, but to assess the impact of the financial crisis on the employment protection rights and the corporate rescue regimes in Greece, Portugal, France, and the United Kingdom. In light of the crisis, the rights of the workforce have been severely compromised to afford financially troubled companies a greater opportunity to recover. In order to minimise the catastrophic impact of financial turmoil on their economy and society, all four jurisdictions introduced reforms to their labour codes and corporate rescue mechanisms, often in the name of austerity.

This article will offer a snap shot of the changes, their effects, and an assessment whether or not the reforms of pre-insolvency regimes have operated as an effective embankment for the protection of social and economic welfare. The purpose of this piece is to shed a light on the changes that have occurred that have affected employment rights in the domestic legal systems of individual member states, as influenced to some extent by the EU in its expectations of improvements to increase labour market flexibility, and whether corporate rescue mechanisms in individual member states are able to provide some counter balance to the erosion of employment rights generally.

Item Type:

Journal article

Publication Title:

International Insolvency Review

Creators:

Gant, J.L.L. and Kastrinou, A.

Publisher:

Wiley-Blackwell

Date:

2017

Volume:

Number: