The legitimacy of unsecured creditors protection through the lens of corporate social responsibility

Zhao, Jingchen and Wen, Shuangge (2013) The legitimacy of unsecured creditors protection through the lens of corporate social responsibility. Journal of Business Law (8). pp. 868-898. ISSN 0021-9460

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Abstract

In this article, the protection of unsecured creditors as a special group of stakeholders will be discussed from a progressive viewpoint, linking their position to the concept of Corporate Social Responsibility (CSR). CSR has been gaining impetus globally in the last two decades by promoting stakeholder- and society-friendly innovations and changes in governmental policies and business operations, and by promoting enforceable improvements in future strategic plans. The adoption of CSR principles results in a movement away from the separate consideration of the position of individual constituencies towards a broader and more philosophical consideration of the function of corporations in society, a change in focus in the UK to emphasise the long-term interests of corporations. With reference to the current legal inefficiencies, this paper addresses itself to the necessity of protection for unsecured creditors as a disadvantaged group of stakeholders in various insolvency regimes, and examines ways to expatiate this. The impetus gained from progressive discussions of CSR will provide a platform for future legislative reform and result in further protection for unsecured creditors.

Item Type: Article
Schools and Departments: School of Law, Politics and Sociology > Law
Subjects: K Law
Depositing User: Jingchen Zhao
Date Deposited: 05 Feb 2013 15:54
Last Modified: 25 Nov 2013 10:33
URI: http://sro.sussex.ac.uk/id/eprint/43636
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