Three Perspectives of Chapter 11 Bankruptcy: Legal, Managerial and Moral  

Oleh:

Payne, Dinah ; Hogg, Michael A.

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: Journal of Business Ethics vol. 13 no. 1 (Jan. 1994), page 21-30.
Topik: Bankruptcy's Perspectives; legal; Managerial; Moral

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: BB27.19 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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With each successive generation of management, managers have been faced with differnt goals dictated by that current society's needs and mores. For examples, in the early 1990's industrial growth was essential to society's needs; at the same time, such growth would not be hampered by social cost that were perceived as unimportant. Those social cost viewed as unimportant have not been properly factors into the cost of good produced. There-fore, the product sold were underpriced, failing to reflect their true social cost. Additionally, this misallocation or resources, such as the manufacturing of asbestos without regard to future health costs. Finally, the payment for the misallocation of these social costs is due: present day management is now forced to provide a viable solution for paymentof debts incurred by previous management. The most notable examples of such misappropriation are provided in the Manville, A.H. Robins and Continental cases. Unforunately, the choice is often limited to achapter 11 bankruptcy. This articles views the solutions of chapter 11 bankruptcy from three perspectives: legal, managerial, and moral. The legal review consists of the law and the current jurisprudence. Particularly emphasized are cases dealing with the discharge. of executory contracts, tort claims and debts both secured and unsecured. Additionally, an examination of implementing a Chapter 11 bankruptcy plan from the view point of current management is made. Closely associated with both the legal and managerial aspects of this issue is the moral facet of using bankruptcy as a management tool. The broad question is: how prevalent and how reasonable is it for management to declare Chapter11 bankruptcy to manipulate the corporation's creditors, employess, and stocholders to achieve management's desired end.

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