Japan

Report published on ensuring fair and timely disclosure of information to investors. The FSA announced that the Task Force on Fair Disclosure Rule of the Working Group on Financial Markets of the Financial System Council has published the “Report - Ensuring fair and timely disclosure of information to investors.” (3/3/2017)

Hong Kong

SFC released consultation conclusions on supervisory assistance. The Hong Kong Securities and Futures Commission (SFC) released consultation conclusions on proposed amendments to the Securities and Futures Ordinance (SFO). The amendments would provide assistance to regulators outside of Hong Kong upon request by making inquiries and obtaining certain records and documents from licensed corporations or their related corporations. The proposed supervisory assistance will be subject to both existing and new legislative safeguards.

In response to the outbreak of COVID-19, the German federal and state governments have implemented several executive and legislative measures to support affected businesses in Germany. This newsletter provides an overview of the key measures which may be relevant to Japanese companies with operations in Germany. Naturally, there will be many questions and issues to be clarified, and we will be happy to use all our experience and local contacts to help answer and overcome them.

Overview

1. Commencement of Rehabilitation Proceedings by Hanjin Shipping Co., Ltd. (“Hanjin Shipping”) On August 31, 2016 Hanjin Shipping filed a rehabilitation petition with the Seoul Central District Court. The Case number is Seoul Central District Court 2016 HoeHap 100211. On August 31, 2016, the Bankruptcy Division of the Seoul Central District Court issued a comprehensive prohibition order, as a provisional measure, to all creditors.

有关Kaoru Takamatsu – [2019] HKCFI 802一案 (判决日期2019年3月25日)

香港法庭首次认可日本清盘程序，并向日本法庭委任的破产管理人提供援助。

背景介绍

于2018年3月1日，东京地区裁判法院民事诉讼第20支部向Japan Life Co, Ltd (以下简称“Japan Life”) 颁发清盘令，并委任Kaoru Takamatsu先生为破产管理人。

Takamatsu先生需要获取Japan Life在瑞穗银行及汇丰银行的香港分行所持有的银行账户记录。于是，Takamatsu先生寻求香港法庭的认可和援助，以获得该账户的记录，并处理Japan Life在香港的相关事务。

判定和原则

In Re Kaoru Takamatsu [2019] HKCFI 802, [2019] HKEC 906, the Hong Kong Court of First Instance has recognised Japanese insolvency proceedings and granted assistance to a trustee in bankruptcy appointed by the Japanese Court.

Welcome to the fifth edition of Baker & McKenzie's quarterly Asia Pacific Financial Services & Regulatory Newsletter.

On May 21, the bankruptcy trustee for Mt. Gox advised depositors that the bankruptcy case in Tokyo was proceeding.  The information contained in the email was limited in scope, guarded and of little use in understanding the trustee’s view of how the bankruptcy ultimately may resolve. 

Recently, Japanese bulk-shipping company Daiichi Chuo Kisen Kaisha sought bankruptcy protection in both Tokyo and New York. The company, which features a fleet of 185 vessels used primarily to transport cargo such as limestone, cement and coal overseas, commenced its United States bankruptcy proceedings by filing a Chapter 15 petition in the United States Bankruptcy Court for the Southern District of New York.

Background
New approach
Creditor involvement
Comment

It is common practice in many jurisdictions – including Japan – to elect a sponsor to finance a failing business in order to revitalise it. In many insolvency cases, such election is necessary for a successful restructuring.