In brief

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

Long-awaited amendments to Canada’s insolvency legislation came into force on September 18, 2009. The amendments materially reform both of Canada’s major insolvency statutes: the Bankruptcy and Insolvency Act (the “BIA”) and the Companies’ Creditors Arrangement Act (the “CCAA”). To a considerable degree the amendments codify 15 years of case law developments, but with modifications that could prove to be material in the next few years.