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Newsletter
[New Law] Plan to Normalize Company’s Management through Workout: Enactment of the Corporate Restructuring Promotion Act (Act No. 10684, enforced as of May 19, 2011)
2011.05.19
<p>(1) Taking into account the recent social situation in which domestic and international economic uneasiness still remains, such as delays in the recovery of construction business and the advent of fiscal crisis in Europe, the need for stead promotion of the corporate restructuring system has come into the limelight. However, the former Corporate Restructuring Promotion Act became invalid and void as of December 31, 2010. Thus, it was expected that difficulties would occur in promoting corporate restructuring due to the absence of the market culture in which corporate restructuring is actively utilized.<br /> <br /> Thus, the Corporate Restructuring Promotion Act has been reenacted which will be applicable until December 31, 2013, under which the autonomy of a company subject to workout shall be enhanced during the course of the workout, and the protection of rights of the creditor financial institutions that have been against the decision of the creditor financial institutions committee and other financial institutions with relatively small sized claims shall be also strengthened.<br /> <br /> (2) Download: <a href="/origin/newsletter/33_201106/data/law3.pdf" target="_blank"><span style="color:#2980b9;">Enactment of the Corporate Restructuring Promotion Act (Act No. 10684, enforced as of May 19, 2011)</span></a></p>
Newsletter
[New Law] Reduction or Exemption of Liability, Etc. of Carriers and Aircraft Operators: Partial Amendment to the Commercial Act (Act No. 10696, enforced as of November 24, 2011)
2011.05.23
Newsletter
[New Law] Regulation on Term of Keeping and Utilization of Credit Information, Etc.: Partial Amendment to the Use and Protection of Credit Information Act (Act No. 10690, enforced as of August 20, 2011)
2011.05.19
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Insolvency & Restructuring