Japan report – Corporate Restructuring and Insolvency in Asia 2020

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Reporters: Shinichiro Abe, Shinnosuke Fukuoka, Yosuke Kanegae and Zentaro Nihei

Index

A. PRELIMINARY OUTLINE

B. RESCUES: OUT-OF-COURT AND IN-COURT

i. Out-of-court workouts

a. Turnaround ADR
b. Regional Economy Vitalization Corporation of Japan
c. Small and Mid-sized Enterprise Revitalization Support Councils

ii. Pre-insolvency proceedings

iii. Formal insolvency proceedings in general

a. Petition
b. Commencement
c. Injunction orders
d. Commencement orders
e. Public notice
f. Provisioning requirement
g. Financial institution debtors

iv. Support structures (courts and state agencies)

a. Courts
b. Stock exchange

v. Insolvency office-holders

a. Duty of care
b. Court reports

vi. Directors and officers of distressed entities

vii. Conversion of proceedings

viii. Rescue financing

a. Common benefit claims
b. Debtor-in-possession financing
c. Court deposit
d. Loans in Turnaround ADR

ix. Effect of the stay and moratorium

a. Injunction during the interim period
b. Extraterritorial effect

x. Ordinary and special contracts

xi. Ranking, priority and resolution of creditor claims

a. Secured claims
b. Common benefits claims
c. Preferred unsecured claims
d. General unsecured claims
e. Subordinated claims

xii. Treatment of foreign creditors

xiii. Creditor supervision of proceedings

xiv. Employment, stakeholding and pension issues

a. Employment contracts and claims
b. Transfer of employees

xv. Avoidance and clawback and safe harbour

a. Fraudulent conveyance
b. Gratuitous acts
c. Preference

xvi. Rescue plans and sales as a going concern

C. GROUP INSOLVENCY

D. SMALL AND MEDIUM-SIZED ENTERPRISES

E. INTERNATIONAL AND CROSS-BORDER INSOLVENCY LAW

F. STATISTICS