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Customer Rights and Protections when Japanese Crypto Assets Exchange files for U.S. Chapter 11 (In the wake of the bankruptcy of FTX Trading)
2023-01-19

Background

The bankruptcy of FTX Trading, a major U.S. crypto assets exchange, is bringing to light the pitfalls of global bankruptcy. The reason for this is that FTX Japan, a Japanese subsidiary of FTX Trading, also filed for Chapter 11 bankruptcy protection in the U.S. This differs from the bankruptcy of Lehman Brothers Group given the Japanese subsidiary of FTX Trading did not file for bankruptcy in Japan due to a significant excess of assets.

Filed under:
Japan, USA, Insolvency & Restructuring, Litigation, Due diligence, Insolvency, FTX
Location:
Japan, USA
View Original Article
Japan: Japan to introduce long-awaited majority voting rule for out-of-court workout
2022-10-12

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

Filed under:
Japan, Insolvency & Restructuring, Litigation, Baker McKenzie
Location:
Japan
Firm:
Baker McKenzie
View Original Article
The Magic of Mt. Gox: How Bitcoin Is Confounding Insolvency Law
2017-11-28

Arthur C. Clarke famously observed: “Any sufficiently advanced technology is indistinguishable from magic.” Our regulatory, legislative, and judicial systems illustrate this principle whenever new technology exceeds the limits of our existing legal framework and collective legal imagination. Cryptocurrency, such as bitcoin, has proven particularly “magical” in the existing framework of bankruptcy law, which has not yet determined quite what bitcoin is—a currency, an intangible asset, a commodity contract, or something else entirely.

Filed under:
Japan, USA, Insolvency & Restructuring, IT & Data Protection, Litigation, Bryan Cave Leighton Paisner (Bryan Cave), Bitcoin
Location:
Japan, USA
Firm:
Bryan Cave Leighton Paisner (Bryan Cave)
View Original Article
The Magic of Mt. Gox
2017-11-27

Arthur C. Clarke famously observed: “Any sufficiently advanced technology is indistinguishable from magic.” Our regulatory, legislative, and judicial systems illustrate this principle whenever new technology exceeds the limits of our existing legal framework and collective legal imagination. Cryptocurrency, such as bitcoin, has proven particularly “magical” in the existing framework of bankruptcy law, which has not yet determined quite what bitcoin is—a currency, an intangible asset, a commodity contract, or something else entirely.

Filed under:
Japan, USA, Banking, Insolvency & Restructuring, IT & Data Protection, White Collar Crime, Bryan Cave Leighton Paisner (Bryan Cave), Bankruptcy, Bitcoin, Cryptocurrency
Authors:
Bryce A. Suzuki , Justin A. Sabin
Location:
Japan, USA
Firm:
Bryan Cave Leighton Paisner (Bryan Cave)
View Original Article
Practising modified universalism in the Cayman Islands: from China Agrotech to Sun Cheong (Japanese) ケイマン諸島における修正された普遍主義のプラクティスーChina Agrotech から Sun Cheongへ
2021-09-16

はじめに

ケイマン諸島と香港の裁判所は、この数ヶ月、ケイマン諸島の会社を再編することを目的とするクロスボーダーの申立てについて、関連する法域における裁判所がどのようにこれを処理するのか実用的な方向性を示しました。これは、国際礼譲および修正された普遍主義の原則に沿ったものです。

裁判所のスタート地点

手続が一つ以上のコモンローの法域で開始されたが、清算人の任命が未了の場合、裁判所が修正された普遍主義を適用するためのスタート地点は、倒産の主手続の役割を担うのはどの法域がより適当かということを考えることでしょう。最近の香港およびケイマン諸島の両地域の裁判例では、長年の先例に沿いながら、通常この法域とは会社の設立地であることを確認しました。なぜならば投資家やサービス・プロバイダーおよび債権者が通常関係しているからであり、とりわけ、会社の登録された営業所であったり、その取締役会の義務やその定款を規定する法律の地であるからです。

Filed under:
Cayman Islands, China, Japan, Company & Commercial, Insolvency & Restructuring, Litigation, Ogier
Authors:
Gemma Lardner
Location:
Cayman Islands, China, Japan
Firm:
Ogier
View Original Article
INSOL Europe insights: cryptoassets and insolvency
2021-06-21

It's probably becoming a cliché to say that the future is already here, but it's hard to resist. New technology increasingly pervades every professional sector, including that of insolvency.

In a recent report by the Law Society on developing technology, the Chancellor of the High Court, Sir Geoffrey Vos, commented that: "Lawyers face a steep learning curve. They will need to become familiar with […] cryptoassets – conceptually and functionally."

Filed under:
Japan, Banking, Insolvency & Restructuring, IT & Data Protection, Litigation, Ogier, Blockchain, Bitcoin, Cryptocurrency
Authors:
Alex Horsbrugh-Porter
Location:
Japan
Firm:
Ogier
View Original Article
Corporate reorganization of Takefuji corporation
2010-10-04

Court Acceptance of Petition for Corporate Reorganization

Filed under:
Japan, Insolvency & Restructuring, White & Case LLP, Shareholder, Debtor, Unsecured debt, Debt, Liability (financial accounting), Balance sheet, Debtor in possession, Market value, Trustee
Location:
Japan
Firm:
White & Case LLP
View Original Article
Divesting distressed overseas businesses - guidance for Japanese sellers
2022-07-12

Japan Inc has embarked upon the overdue process of unbundling its conglomerate structures. Businesses that are being put up for sale include distressed oversees operations, particularly in the automotive sector. Managing the businesses while they are in distress, preparing them for sale, and eventually selling them, comes with a variety of legal and practical complications. The legal landscape will vary by jurisdiction, but the following aspects generally need to be considered in some shape or form regardless of the applicable law.

Filed under:
Japan, Corporate Finance/M&A, Insolvency & Restructuring, Freshfields Bruckhaus Deringer LLP, Due diligence
Location:
Japan
Firm:
Freshfields Bruckhaus Deringer LLP
View Original Article
A guide for directors of subsidiary companies in Japan
2011-08-22

Welcome to our guide for directors and prospective directors of subsidiary companies in Japan.

Filed under:
Japan, Company & Commercial, Competition & Antitrust, Insolvency & Restructuring, Freshfields Bruckhaus Deringer LLP, Subsidiary
Location:
Japan
Firm:
Freshfields Bruckhaus Deringer LLP
View Original Article
Japanese and Singaporean investors capitalizing on U.S. investment opportunities
2011-06-06

© 2011 Bloomberg Finance L.P. All rights reserved. Originally published by Bloomberg Finance L.P. in the Vol. 4, No. 6 edition of the Bloomberg Law Reports—Asia Pacific Law. Reprinted with permission. Bloomberg Law Reports® is a registered trademark and service mark of Bloomberg Finance L.P.

Filed under:
Japan, Singapore, USA, Banking, Capital Markets, Corporate Finance/M&A, Insolvency & Restructuring, Troutman Pepper, Foreign direct investment, Credit (finance), Security (finance), Market liquidity, Subprime lending, Investment banking, Economy, Balance sheet, Distressed securities, Brokerage firm
Authors:
Todd A. Feinsmith
Location:
Japan, Singapore, USA
Firm:
Troutman Pepper
View Original Article

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