はじめに

2025年6月13日、「円滑な事業再生を図るための事業者の金融機関等に対する債務の調整の手続等に関する法律」（以下「早期事業再生法」又は「法」といいます。）が公布されました。早期事業再生法は、公正中立な第三者機関と裁判所が関与する形で多数決（議決権の総額の4分の3以上の同意等）による債務整理を新たに認めるものであり、日本の事業再生の実務に重要な影響を与えるものです。

早期事業再生法の公布を受け、2025年9月、産業構造審議会経済産業政策新機軸部会事業再構築小委員会の下に「早期事業再生検討ワーキンググループ」（WG）が設置され、事業再生の専門家を委員※1に加え、制度の詳細や運用について検討が行われました。同WGは2025年10月から12月にかけて3度開催され、同年12月26日、「中間整理」が公表されました※2。その後、関係団体から寄せられた意見や2度のWGでの議論を踏まえて、2026年3月6日、「中間整理」の内容を一部修正した「取りまとめ」が公表されました※3。これらの意見や議論からは、対象債権者となる金融機関やリース会社に対する手続への関与・協力等に対する期待が窺われます。

법무법인(유) 세종 기업금융분쟁그룹 도산팀 김동규 변호사입니다. 2003년부터 2024년까지 20여 년을 판사로 재직하면서 서울회생법원 등에서 회생 및 파산 사건을 담당하며 쌓은 경험을 바탕으로 12회에 걸쳐 도산절차에 관한 이야기를 연재합니다. 오늘은 그 세 번째입니다.

3호. 파산절차의 구조

요즘은 언론을 통해서도 ‘회생’이라는 단어를 종종 듣게 됩니다만, 여전히 사람들에게 ‘회생’이라는 용어보다는 ‘파산’이라는 용어가 좀더 익숙하지 않나 싶습니다. 사람들이 파산절차에 대해서 더 잘 알고 있기 때문이 아니라, 파산이라는 용어가 일상생활에서 더 자주 사용되기 때문인 듯합니다. 법률을 보더라도 ‘파산’이라는 용어는 1960년대에 제정되어 시행된 파산법에서부터 나오지만, ‘회생’이라는 용어는 2000년대에 제정되어 시행된 개인채무자회생법에서부터 나오니(그후 파산법, 개인채무자회생법 모두 ‘채무자 회생 및 파산에 관한 법률’로 통폐합되었습니다), 파산이라는 용어의 역사가 훨씬 깊다고 할 수 있습니다.

r1//./r2Capital Market06Dispute Resolution11Fintech20International Trade/ WTO27Ministry of Corporate Affairs (MCA)34Restructuring and Insolvency45Sports and Gaming49White Collar Crime03Competition Law08Employment Law15Infrastructure and Energy24Media and entertainment31RBI & FEMA40RERA47Technology51r3MASTER CIRCULAR FOR ISSUE OF CAPITAL ANDDISCLOSURE REQUIREMENTSThe Securities and Exchange Board of India (“SEBI”) hasissued an updated Master Circular1for Issue of Capital andDisclosure Requirements (“SEBI ICDR Master Circular”),consolidating all extant circulars and directions issued unde

Broadly, the dissolution options for a solvent Cayman Islands company are either a voluntary liquidation or a strike-off. The appropriateness of either method will depend on the business history of the particular company and its current financial position.

Preliminary steps

Before commencing the formal dissolution process, it may be necessary to take some preliminary steps, including ensuring that:

The Hong Kong Court has recently handed down a landmark decision in Re USUM Investment Group Limited [2026] HKCFI 1320, addressing the scope of its power to recognise restructurings approved by non-Hong Kong courts and the extent of assistance it may grant.  In doing so, the Court recognised restructuring proceedings commenced in the Mainland, clarified the distinction between “recognition” and “assist

On February 25, 2026, the Superior Court of Québec issued a noteworthy decision in the insolvency proceedings of SRTX Inc. and its affiliates (collectively, the SRTX Group), the company behind Sheertex, a well-known brand of rip-resistant tights. The Honorable Justice Luc Morin approved a pre-packaged transaction (also known as a “prepack”) under a “reverse vesting” structure, thereby facilitating the transfer of the SRTX Group’s business to Québec-based A.Y.K. International Inc. (AYK).

When a company enters administration, one of the administrator’s core statutory duties is to prepare proposals explaining how they intend to achieve the purpose of administration. These proposals must be approved by creditors. While approval is usually a formality, rejection can fundamentally derail the administration, leaving the practitioner without authority to act and, in some cases, forcing an early exit into liquidation.

This article explores the statutory framework, the common reasons proposals are rejected, and the key case law that guides the steps that follow.

In Re Country Garden Holdings Company Limited[2026] HKCFI 1619, the Honourable Madam Justice Linda Chan sanctioned, on 4 December 2025, a scheme of arrangement restructuring approximately USD 14.5 billion of offshore debt between Country Garden Holdings Company Limited (the “Company”) and its scheme creditors.

L’elaborazione dottrinale e giurisprudenziale successiva all’entrata in vigore del Codice della Crisi d’Impresa e dell’Insolvenza ha ormai chiarito come le misure cautelari non rappresentino un istituto marginale o residuale del sistema, ma costituiscano uno strumento essenziale nella gestione operativa delle situazioni di crisi e pre - crisi.

Thailand is updating its Bankruptcy Act to introduce a formal pre-packaged rehabilitation mechanism, a reform recently approved by the House of Representatives and currently awaiting Senate review.

This development represents a significant shift in the country’s corporate insolvency framework, building on foundations established after the 1997 Asian Financial Crisis while adapting international practices to Thailand’s legal context.