When Dr Shinjiro Takagi, an 80-year-old veteran of cross-border insolvency law and Japanese former judge, invited the International Insolvency Institute (III) to host its annual conference in Tokyo, the institute could not resist – and when the III invited GRR to cover the conference, we couldn’t either. This issue is therefore dedicated to Takagi and has a focus on Asia – the continent he is giving the rest of his life to, as he emigrates from Japan to embark on a new role with the Asian Business Law Institute.
One of the key questions for the Asian region at the moment is the economic health of China. In a feature arising from the III event, we look at whether the country and its insolvency practitioners are about to experience a “golden age” in the development of bankruptcy law and practice, and what this could mean – in terms of trade, investment and infrastructure – for China and the rest of the world.
Back in the UK, GRR took on the task of investigating the use of mediation in insolvency proceedings. As Singapore makes efforts to sell itself as both a centre of international debt restructuring and alternative dispute resolution, we see why mediation is used widely in the US, but not much in the rest of world.
Elsewhere, GRR’s editorial board member Céline Domenget Morin, a partner at White & Case in Paris, and associate Romain de Ménonville, consider amicable rescue proceedings in France and ponder whether the EU can use them as a template for the early business rescue and second chance proceedings it is seeking to introduce as part of a common insolvency framework.
Other regular features include our sovereign debt column, in which partner Andrew Shutter from Cleary Gottlieb Steen & Hamilton considers different types of value recovery instruments designed to entice creditors to agree to restructurings; and our Europe column, written by GRR editorial board member and Leiden University professor Bob Wessels, who assesses whether the EU should adopt the UNCITRAL Model Law.
Our asset recovery column, by founding member Edward Davis and partner Annette Escobar of Astigarraga & Davis in Miami, also looks at the different claims and remedies available through adversary cases in the context of a Chapter 15 application before the US courts.
In this magazine:
- The Kindly Ones: Mediation in Restructuring
- Is French law about to become a reference for the European common approach on rescue proceedings?
- Interview: Dr Shinjiro Takagi
- A golden age for China’s bankruptcy law?
- Europe: Should the EU adopt the Model Law?
- Asset Recovery: Claims and relief available in cross-border bankruptcies – limitless possibilities
- Sovereign Debt: Proxies for equity
- Latin Lawyer/GRR Restructuring Summit: DIP financing has broken ground in Latin America, but remains “dysfunctional”
- III’s 16th annual Conference: Japan
- Reading University: Comparing Bank resolution regimes in the US & Europe
- IBA Milan: New NPL law is a silver lining in the storm clouds