Appointment In Japan, insolvency proceedings are implemented through any one of the following four distinct insolvency law regimes: • Bankruptcy Law of Japan (Law No. 75, June 2, 2004) (Hasan Ho); • Special Liquidation Law (Art. 510-574 of Corporation Law) (Tokubetsu Seisan in Kaisha Ho); • Civil Rehabilitation Law (Law No. 225, December 22, 1999) (Minji Saisei Ho); and • Corporate Reorganization Law (Law No. 154, December 13, 2002) (Kaisha Kosei Ho).

Appointment There is no classification of an IP in India. All advocates are eligible to represent parties in liquidation proceedings under the Companies Act 1956. However, they cannot be appointed as liquidators. Restructuring proceedings are held under the Sick Industrial Companies (Special Provisions) Act, 1985 (SICA). Advocates, chartered accountants and other experts can represent parties in these proceedings. There is an Official Liquidator (OL) attached to every Company Court in the High Court. The Company Court is vested with liquidation jurisdiction under the Companies Act 1956.

An Insolvency Practitioner (‘IP’) is appointed to almost all types of insolvency proceedings in Hong Kong.

China's vast population is aging rapidly, according to the latest census figures released on Thursday, a demographic trend that threatens to sap the country's economic vitality, The Wall Street Journal reported. Some Chinese demographers have seized on the numbers to argue that the government should abandon its one-child policy, put in place in 1980 to deal with a population explosion encouraged by Chairman Mao Zedong. But China's top leaders have declared that they are not prepared to dismantle a policy that has drawn widespread criticism for using forced abortions, sterilizations

Public debts in developed world economies have surged in recent years to levels not recorded since the end of World War II, surpassing the heights reached during the First World War and the Great Depression.

BTA Bank JSC completed the restructuring of approximately US$16,700,000,000 of debt in August 2010 just 16 months after it first defaulted. The restructuring of one of Kazakhstan’s largest financial institutions was protracted and complex due to the diverse creditor group, the legacy of the past management of the bank and the challenges of the country’s regulatory and legal systems.

Unlike many other common law jurisdictions, Hong Kong still lacks a statutory corporate rescue regime, despite the fact that a proposal was first made by the Law Reform Commission in 1996 and a proposed bill containing a corporate rescue regime was introduced in 2001. Corporate restructurings in Hong Kong have been effected through more cumbersome procedures, such as schemes of arrangement or the creative use of provisional liquidators.

Fourth Quarter 2010 – Volume 9 Chadbourne offers legal advice to companies, financial institutions and private funds conducting cross-border business in the Middle East, North Africa and Turkey. To help keep clients apprised of selected current cross-border deals, we track significant transactions in the region.

Social Security Law At the end of October the long-awaited Social Insurance Law was • promulgated, and is set to take effect on July 1, 2011. The law primarily aims • to prevent the improper use of social security funds. The Social Insurance • Law stipulates a general right for all citizens to access and enjoy five • categories of insurance: pension, medical, work-related injury, unemployment and maternity insurance. It also allows employees to transfer • their pension insurance accounts from one place of residence to another, and includes a basic pension coverage for rural residents.