The ethics of bankruptcy

The ethics of bankruptcy The fundamental ethical problem in bankruptcy is that insolvents have promised to pay their debts but cannot keep their promise. The Ethics of Bankruptcy examines the morality of bankruptcy. The author explores ethical concerns raised by duty-based principles, utilitarianism, forgiveness and distributive justice, as well as the moral aspects of insolvents’ contractual, fiduciary, tortious and criminal liability. He also assesses recent bankruptcy law reforms. Bankruptcies severely hurt creditors and society, and for the insolvents and their families the experience is painful and stigmatising, yet philosophers have paid little attention to the moral aspects of this violent social phenomenon. The Ethics of Bankruptcy is the first comprehensive study that employs the tools of ethics to examine the controversies surrounding insolvency, which makes valuable and sometimes controversial reading in a decade recovering from the recession. Dr Jukka Kilpi has extensive experience in public administration and banking and is an Associate of the Securities Institute of Australia. He holds undergraduate and postgraduate degrees in Philosophy from the University of Helsinki and a doctorate from Monash University, Melbourne, Australia. Professional Ethics General editors: Andrew Belsey, University of Wales, Cardiff and Ruth Chadwick, Centre for Professional Ethics, University of Central Lancashire Professionalism is a subject of interest to academics, the general public and would-be professional groups. Traditional ideas of professions and professional conduct have been challenged by recent social, political and technological changes. One result has been the development for almost every profession of an ethical code of conduct which attempts to formalise its values and standards. These codes of conduct raise a number of questions about the status of a ‘profession’ and the consequent moral implications for behaviour. This series seeks to examine these questions both critically and constructively. Individual volumes will consider issues relevant to particular professions, including nursing, genetic counselling, journalism, business, the food industry and law. Other volumes will address issues relevant to all professional groups such as the function and value of a code of ethics and the demands of confidentiality. Also available in this series: Ethical Issues in Journalism and the Media edited by Andrew Belsey and Ruth Chadwick Genetic Counselling edited by Angus Clarke Ethical Issues in Nursing edited by Geoffrey Hunt The Ground of Professional Ethics Daryl Koehn Ethical Issues in Social Work edited by Richard Hugman and David Smith Food Ethics edited by Ben Mepham The ethics of bankruptcy Jukka Kilpi London and New York First published 1998 by Routledge 11 New Fetter Lane, London EC4P 4EE This edition published in the Taylor & Francis e-Library, 2002. Simultaneously published in the USA and Canada by Routledge 29 West 35th Street, New York, NY 10001 © 1998 Crown Cap Oy All rights reserved. No part of this book may be reprinted or reproduced or utilised in any form or by any electronic, mechanical, or other means, now known or hereafter invented, including photocopying and recording, or in any information storage or retrieval system, without permission in writing from the publishers. British Library Cataloguing in Publication Data A catalogue record for this book is available from the British Library Library of Congress Cataloging in Publication Data Kilpi, Jukka, 1954– The ethics of bankruptcy/Jukka Kilpi. p. cm. Includes bibliographical references and index 1. Corporate debt-Moral and ethical aspects. 2. Bankruptcy-Moral and ethical aspects. 3. Social responsibility of business. I. Title. HG4028.D3K47 1998 97–26890 174’.4–dc21 CIP ISBN 0-415-17174-1 (hbk) ISBN 0-415-17175-X (pbk) ISBN 0-203-00241-5 Master e-book ISBN ISBN 0-203-20570-7 (Glassbook Format) ... - tailieumienphi.vn