Felix Steffek (University of Cambridge – Faculty of Law; European Corporate Governance Institute (ECGI)) has posted The Ethical Foundations of Corporate Insolvency Law: Sketches of a Justice Theory for Corporate Financial Distress on SSRN. Here is the abstract:
This chapter investigates the ethical principles that shape corporate insolvency law. It starts by presenting the foundations of a legal justice theory based on normative individualism and interests. It then explains essential justice concepts such as coherence, consensus and coordination. On this basis, the chapter develops justice principles of corporate insolvency law within the context of a comprehensive justice theory. The first level of justice principles comprises the autonomy principle, the improvement principle, the proportionality principle and the equality principle. These principles can be concretised further into more fine-grained justice principles. For example, the improvement principle can be further differentiated into the efficiency principle and the solidarity principle. Examples are drawn from comparative corporate insolvency law and practice to explain the justice principles and their application.