Corporate Restructuring & Insolvency in Asia 2020

ABLI partnered with International Insolvency Institute and now launches a compendium on the corporate restructuring and insolvency regimes in 16 jurisdictions across Asia Pacific.

  • Index:
    • Australia
    • Brunei 
    • Cambodia
    • China
    • Hong Kong SAR
    • India
    • Indonesia
    • Japan
    • Lao PDR
    • Malaysia
    • Myanmar
    • Philippines
    • Singapore
    • South Korea
    • Thailand
    • Vietnam
      *Click to to see full Index
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Corporate Restructuring and Insolvency Asia 2020

16 Asian Jurisdictions in 1 PDF

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Asian Business Law Institute Logo

Asian Business Law Institute

Launched in January 2016, the Asian Business Law Institute (ABLI), a subsidiary of the Singapore Academy of Law, is a permanent institute based in Singapore that initiates, conducts and facilitates research with a view to providing practical guidance in the field of Asian legal development and promoting the convergence of Asian business laws. Its mission is to remove unnecessary or undesirable differences between Asian legal systems that pose obstacles to free and seamless trade.

ABLI’s long-term strategic direction in accordance with its aims is set by its Board of Governors chaired by The Honourable the Chief Justice Sundaresh Menon of the Supreme Court of Singapore. The Board comprises representatives from Australia, China, India and Singapore and other internationally renowned legal experts.

International Insolvency Institute (III)

International Insolvency Institute (III)

The International Insolvency Institute (III) is a non-profit, limited-membership organisation dedicated to advancing and promoting insolvency as a respected discipline in the international field. Its primary objectives include improving international co-operation in the insolvency area and achieving greater co-ordination among nations in multinational business reorganisations and restructurings, with membership drawn from the most senior and respected insolvency practitioners, judges and academics in the world and it has valuable liaisons with many of the most senior regulatory and administrative professionals in the insolvency field.

III, due to its exceptional membership, its international leadership, and its resources, plays a valuable and highly significant role in the international insolvency field. It has achieved a worldwide reputation and is developing into a catalyst for improvement and change in the international insolvency area that has few, if any, equals.

John Marsden

Partner of Mayer Brown

John M Marsden

“Mayer Brown embraced participation in the project launched by the Asian Business Law Institute on the publication of Corporate Restructuring and Insolvency in Asia. The Asia Pacific region covers diverse legal regimes some with their roots in with civil law and others having common law backgrounds. This variability is compounded by differences in the development of restructuring and insolvency laws, with some hanging to antiquated concepts of the past and others embracing modern frameworks and concepts for dealing with restructuring and insolvency , including the accession to international treaties such as the UNCITRAL Model Law on Cross Border Insolvency.  This variability results in legal concepts, practices and procedures that are markedly different from country to country. The ability to draw together eminent practitioners and legal scholars to give their insights and understanding of how the law actually works in these 16  jurisdictions, is invaluable to anyone involved in the practice of restructuring and insolvency. Mayer Brown wishes the ABLI every success with the promotion of this publication.”

Andrew Chiew Ean Vooi

Partner of Lee Hishammuddin Allen & Gledhill

Andrew Chiew Ean Vooi

"This publication, contributed by dedicated practitioners in the Asia-Pacific region, gives businesses a collective perspective of restructuring and insolvency in an economically diverse part of the world. This publication tells businesses that there is always hope when their corporate vessels sail into troubled waters, especially today where the world faces a crisis as a result of the Covid-19 pandemic. Lee Hishammuddin Allen & Gledhill, Malaysia, is honoured and proud to be given the opportunity to contribute and participate in this publication."

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Index

Foreword (pp. v–viii)

James Allsop AO and Kannan Ramesh

Australia (pp. 1–71)

Reporters: Maria O’Brien and Timothy Sackar

  • Introduction to Australian Insolvency Law Regime
  • Voluntary Administration
  • Schemes of Arrangement
  • Recognition of Foreign Insolvency Procedures in Australia
  • Appendix of Legislation Referred To

Brunei (pp. 72–103)

Reporter: Nava Palaniandy

  • Overview
  • Corporate Rescue Mechanism
  • Insolvency Practitioners
  • Rescue Financing
  • Ordinary and Special Contracts
  • Miscellaneous
  • Appendix of Legislation Referred To

Cambodia (pp. 104–147)

Reporter: Jay Cohen

  • Introduction
  • Rescues: Out-Of-Court and In-Court
  • Support Structures
  • Insolvency Office-Holders
  • Directors or Managers of Distressed Entities
  • Conversion of Proceedings
  • Rescue Financing
  • Effect of the Stay and Moratorium
  • Ordinary and Special Contracts
  • Ranking, Priority and Resolution of Creditor Claims
  • Treatment of Foreign Creditors
  • Creditor Supervision of Proceedings
  • Employment, Stakeholding and Pension Issues
  • Avoidance and Clawback Rules and Safe Harbour Provisions
  • Rescue Plans and Sales as a Going Concern
  • Group Insolvencies
  • Small & Medium-Sized Enterprises
  • International and Cross-Border Insolvency Law
  • Other Matters
  • Appendix of Legislation Referred To

China (pp. 148–196)

Reporters: Shen Yuhan and Peng Fei

  • Preliminary Outline
  • Insolvency Proceedings Under the Bankruptcy Law
  • Commonalities Among Bankruptcy Proceedings
  • Zero-Asset Bankruptcy
  • Duties & Responsibilities of Directors and Managers of Distressed Debtors
  • Restructuring In and Out of Court
  • Treatment of Enterprise Groups in Insolvency
  • Reorganisation of Listed Companies
  • Creditor Ranking and Rescue Financing
  • Mediation
  • Foreign Creditors and Cross-Border Insolvency
  • Statistics and Access to Information
  • Appendix of Legislation Referred To

Hong Kong SAR (China) (pp. 197–267)

Reporter: Tom Pugh

  • Introduction
  • Rescues: Out-of-Court & In-Court (Governance & Supervision)
  • Support Structures (Courts and State Agencies)
  • Directors of Distressed Entities
  • Rescue Financing
  • Moratorium
  • Contracts
  • Creditors and Creditor Claims
  • Employment Issues
  • Avoidance and Clawback Rules and Safe Harbour Provisions
  • International and Cross-Border Insolvency Law
  • Appendix of Legislation Referred To

India (pp. 268–317)

Reporter: Pulkit Gupta

  • The Insolvency and Bankruptcy Code Overview
  • Institutional Framework for the Insolvency and Bankruptcy Code, 2016
  • Corporate Insolvency Resolution Process
  • Role of Directors and Managers of Distressed Entities
  • Fees and Financing
  • Avoidance Transactions
  • Micro, Small and Medium-Sized Enterprises
  • Insolvency Resolution Outside the Insolvency and Bankruptcy Code, 2016
  • Cross-Border Insolvency
  • Insolvency of Group Companies
  • Appendix of Legislation Referred To

Indonesia (pp. 318–357)

Reporters: Indri Pramitaswari “Mita” Guritno; Kadir, Andi Y; Timur Sukirno and Agung Wijaya

  • Introduction
  • Private Restructuring and Court-Supervised Proceedings
  • Roles of the Commercial Court and State Agencies
  • Management of Distressed Entities
  • Conversion from PKPU to Bankruptcy
  • Employment Issues
  • Clawback Procedures
  • Rescue Plans
  • Costs of Proceedings
  • International and Cross-Border Insolvency Law
  • Appendix of Legislation Referred To

Japan (pp. 358–416)

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

  • Preliminary Outline
  • Rescues: Out-of-Court and In-Court
  • Group Insolvency
  • Small and Medium-Sized Enterprises
  • International and Cross-Border Insolvency Law
  • Statistics

Lao (pp. 417–436)

Reporters: Lee Hock Chye and Ketsana Phommachane

  • Overview
  • Current Rescue Mechanisms
  • Other Matters Under The Existing Mechanism
  • Law Reform
  • Appendix of Legislation Referred To

Malaysia (pp. 437–488)

Reporter: Andrew Chiew Ean Vooi

  • Corporate Insolvency Laws Overview
  • Rescues: Out-of-Court and In-Court 
  • Group Insolvency
  • Miscellaneous
  • Appendix of Legislation Referred To

Myanmar (pp. 489–532)

Reporter: Scott Atkins

  • Preliminary Outline
  • Rescues: Out-of-Court and In-Court
  • Support Structures (Courts and State Agencies)
  • Insolvency Office-Holders
  • Directors and Managers of Distressed Entities
  • Conversion of Proceedings
  • Rescue Financing
  • Effect of Stay and Moratorium
  • Ordinary and Special Contracts
  • Ranking, Priority and Resolution
  • Creditor Supervision of Proceedings
  • Avoidance and Clawback Rules and Safe Harbour Provisions
  • Rescue Plans and Sales As A Going Concern
  • Micro, Small and Medium-Sized Enterprises
  • Appendix of Legislation Referred To

Philippines (pp. 533–586)

Reporter: Antonio Jose Gerardo T Paz

  • A brief Overview of The Philippines Legal System
  • Insolvency Laws in The Philippines 
  • Rehabilitation Proceedings
  • Conversion to Liquidation Proceedings
  • Treatment of Foreign Creditors or Corporations
  • Liabilities of Directors and Officers
  • Treatment of Contracts
  • Clawback Rules and Safe Harbour Provisions
  • Foreign Proceedings
  • Conclusion and Recommendation
  • Appendix of Legislation Referred To

Singapore (pp. 587–666)

Reporters: Manoj Pillay Sandrasegara and Sim Kwan Kiat

  • Introduction
  • Corporate Rescue Mechanism
  • Actors and Institutions in Insolvency Proceedings
  • Avoidance and Clawback Rules and Safe Harbour Provisions
  • Employment, Stakeholding and Pension Issues
  • Small and Medium-Sized Enterprises
  • International and Cross-Border Law
  • Statistics
  • Appendix of Legislation Referred To

South Korea (pp. 667–735)

Reporter: Chiyong Rim

  • Preliminary Outline
  • Overall Insolvency Regime
  • Out-of-Court Workouts
  • Pre-Insolvency Proceedings
  • Formal Insolvancy Proceedings
  • Support Structures (Courts & States Agencies)
  • Stakeholder
  • Conversion of Proceedings
  • Rescue Financing
  • Stay and Moratorium
  • Ordinary And Special Contracts
  • Ranking, Priority and Resolution of Creditor Claims
  • Employment, Stakeholding and Pension
  • Avoidance and Clawback Rules and Safe Harbour Provisions
  • Rehabilitation Plans and Sales as a Going Concern
  • Sales and Mergers and Acquisitions
  • Group Insolvencies
  • Small Business Debtors
  • International and Cross-Border Insolvency
  • Statistics
  • Appendix of Legislation Referred To

Thailand (pp. 736–763)

Reporter: Kanok Jullamon

  • Preliminary Outline
  • Rescues: Out-of-Court and In-Court
  • Group Insolvencies
  • Insolvency of Micro, Small and Medium-Sized Enterprises
  • International and Cross-Border Insolvency Law
  • Statistics
  • Appendix of Legislation Referred To

Vietnam (pp. 764–804)

Reporter: Vu Thanh Van

  • Introduction
  • Rescues: Out-of-Court and In-Court
  • Group Insolvencies
  • International and Cross-Border Insolvency Law
  • Appendix of Legislation Referred To
Corporate Restructuring and Insolvency Asia 2020