Insurers with unwanted runoff blocks of business should consider the latest guidance from insurance regulators on potential transactional structures that could mitigate this issue.

このたび、森・濱田松本法律事務所アジアプラクティスグループでは、東南・南アジ ア各国のリーガルニュースを集めたニュースレター、MHM Asian Legal Insights第160 号（2024 年 2 月号）を作成いたしました。今後の皆様の東南・南アジアにおける業務 展開の一助となれば幸いに存じます。 ※本レターに記載した円建て表記は、ご参照のために、各現地通貨を現在の為替レー トで換算したものとなります。

マレーシアの Income Tax Act 1967 が改正され、2024 年 1 月 1 日より、一定の会社 の株式の譲渡益はキャピタルゲイン課税の対象となりました。改正後も個人による譲渡 については課税対象外とされていますが、会社等の法人による譲渡の場合は一定の課税 が生じます。 2024 年 1 月 1 日からの譲渡益課税の対象となるのは、以下の会社の株式の譲渡益で す。

Companies in Chapter 11 must publicly report substantial financial information — indeed, more information should be reported or available publicly in Chapter 11 than outside of Chapter 11. This paper analyzes what information must be publicly reported or disclosed under the securities laws, the Bankruptcy Code and Bankruptcy Rules; what debtors do to minimize public reporting; and what creditors can do to get the public reporting they deserve.

Debtors May Stop Public Reports Under the Securities Laws.

What Happened?

スタートアップ（ベンチャー企業）において重要なエクイティ・インセンティブであ るストックオプション（SO）のうち、税制適格 SO の要件の一つとして、1 株当たりの 権利行使価額として、その新株予約権に係る契約（付与（割当）契約）を締結した時に おける発行会社の 1 株当たりの価額に相当する金額（時価）以上であることが必要とさ れています2。この点につき、従前、種類株式（優先株式）を発行しているスタートアッ プが、普通株式を目的とする税制適格 SO を発行する際の普通株式の 1 株当たりの価額 に相当する金額（時価）の算定ルールが明確ではありませんでした。

The Bottom Line

One feature commonly seen in commercial lending transactions is a waiver of the borrower’s authority to file for bankruptcy without the consent of the lender. While such “blocking” provisions are generally upheld where the equity interest holders are the parties with such rights, they are generally unenforceable as a matter of public policy when such protection is given to a creditor with no meaningful ownership interest in the corporate debtor.

With the passage of several years since the outbreak of COVID-19 and additional external factors such as the soaring prices of various goods and services and the sharp depreciation of the Japanese yen, companies' financial conditions have deteriorated, while others are considering filing for restructuring proceedings, which is why the reduction of excessive debt has become a major issue as of late.

In an increasing number of restructuring cases of globally-operating companies, companies or funds outside Japan are becoming strong sponsor candidates, and even more foreign players are expected to be actively selected as sponsor candidates in the future.

In this article, we focus on the sponsor selection process in out-of-court restructurings and legal insolvency procedures in Japan, based on recent actual cases.

Overview

When enacting the Bankruptcy Code, Congress sought to strike a balance amid the confluence of different — and often competing — interests held by debtors, secured creditors and various unsecured creditor constituencies (including landlords) through a framework of statutory protections. This has – at times – led to litigation over differing statutory interpretations as well as circuit splits as courts attempt to reconcile underlying policy goals with the less-than-clear language in various of the Code’s provisions.

FTX Trading Ltd. ("FTX") and its affiliates (collectively, "FTX Group"), which operated one of the largest crypto-asset exchanges in the world through the FTX.com platform, filed for Chapter 11 in the United States on November 11 last year.