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Moral hazard, insolvency and employees as creditors: what governance lessons can be learned from the Hong Kong model?

Citation

Ho, JKS and Price, R, Moral hazard, insolvency and employees as creditors: what governance lessons can be learned from the Hong Kong model?, The Journal of Corporate Law Studies , 11, (2) pp. 525-550. ISSN 1473-5970 (2011) [Refereed Article]


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Copyright Statement

Copyright 2011 Hart Publishing

Official URL: http://www.hartjournals.co.uk/jcls/index.html

Abstract

This article argues that each of the US, the UK and Australia could take inspiration from Hong Kong's Protection of Wages on Insolvency Fund (POWIF) because it has the makings of a world-leading model for the protection of employee entitlements in circumstances of business failure. In particular, it is argued that although POWIF is open to fraud by unscrupulous employers it does not unduly increase moral hazard because its coverage provides only a modest safety net, it is funded by a mandatory private sector levy and it operates on a self-sustaining basis.

Item Details

Item Type:Refereed Article
Research Division:Law and Legal Studies
Research Group:Law
Research Field:Law not elsewhere classified
Objective Division:Law, Politics and Community Services
Objective Group:Justice and the Law
Objective Field:Justice and the Law not elsewhere classified
Author:Price, R (Mr Rohan Price)
ID Code:74081
Year Published:2011
Deposited By:Law
Deposited On:2011-11-11
Last Modified:2015-01-02
Downloads:2 View Download Statistics

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