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Japan: Secured transactions law to be reformed for the first time in 120 years

In brief

Japan, Banking, Insolvency & Restructuring, Real Estate, Baker McKenzie
Japan: Japan to introduce long-awaited majority voting rule for out-of-court workout

In brief

In Japan, any out-of-court workout requires the unanimous consent of all creditors to a restructuring plan. On 4 October 2022, the Japanese government announced that it is considering introducing new out-of-court workout rules. Under the proposed new rules, a restructuring plan will be binding if a majority vote of creditors and confirmation of the court is obtained. Such a majority rule is a common feature amongst schemes of arrangement in many other countries.

In more detail

Japan, Insolvency & Restructuring, Litigation, Baker McKenzie
Revisiting the DIFC Insolvency Law in the Context of the COVID-19 Crisis: An Innovative Toolkit for the Turnaround of Troubled Enterprises

In the wake of the high profile collapse of the private equity firm Abraaj Capital, the Dubai International Financial Centre (“DIFC”) updated its insolvency regime with the introduction on June 13, 2019 of the new DIFC Insolvency Law (Law No.1 of 2019) (the “DIFC Insolvency Law”).

United Arab Emirates, Insolvency & Restructuring, Dechert LLP, Private equity, Coronavirus
The UAE Bankruptcy Law: Stepping up to the challenges raised by the COVID-19 crisis

With the significant strain placed on market participants as a result of the combined impacts of the global COVID-19 pandemic, the oil price war and the ensuing liquidity and credit crunches, we expect that a number of enterprises in the United Arab Emirates ("UAE") will either be forced to carry out restructurings or otherwise undergo formal court-supervised insolvency processes.

United Arab Emirates, Insolvency & Restructuring, Dechert LLP, Private equity, Coronavirus