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Japan's revised bankruptcy law was enacted in May 2004 and is expected to come into effect in January 2005. This follows the introduction of the Civil Rehabilitation Law in April 2000 and the revised Corporate Reorganization Law in April 2003. The purpose of these laws is to rehabilitate debtors, but the aim of the new bankruptcy law is to provide modernized procedures for the efficient liquidation of debtors and the fair distribution of debtors' assets.

Good faith is the most essential part of a contract among parties to an agreement. During the financial crisis in Indonesia, creditors have been facing difficulties when trying to recoup their investment, especially from debtors who lack good faith. The standard operating procedure of those debtors involves hiding their assets beyond the creditors' reach by transferring them out to obscure related parties. This is particularly relevant for unsecured creditors that do not have specific assets encumbered as collateral for the underlying loans. Unsecured creditors need to find the debtors' assets before they are able to attach such assets to satisfy their claims. It then comes naturally for bad faith debtors to try to transfer their assets out and leave the companies empty should the creditors obtain a judgment to have their monies back.

On July 6 2004, the State Administration of Radio, Film and Television promulgated the Administrative Measures on Chinese-Foreign Cooperation Film Production. The regulations came into force on August 10 2004. The original regulations are now superseded. They had designated the China Cooperative Movie Production Corporation as the authority responsible for examining and approving applications for licences for Sino-foreign film production. Under the new regulations, the China Cooperative Movie Production Corporation will play no role in examining and approving applications for licences. Applications for licences must now be submitted directly to the State Administration of Radio, Film and Television, which must determine the application within 20 days. If the application is rejected, the authority must provide reasons for its decision.

If Japan doesn't push ahead with the necessary tax reforms to tempt foreign investors to buy stakes in domestic companies, productivity and economic growth will continue to lag. But, as Andrew Crooke reports, change won't come without a fight

The UK Law Commission's proposals on preventing trustees from limiting their liability should not apply to capital markets trustees. Jane Borrows and Eoin Gillen explain why

Lawyers on Hungarian telecoms company Invitel's latest financing had the challenge of blending, for the first time, senior and high-yield debt on a Hungarian deal.

A global contingent of lawyers spanning more than 30 jurisdictions has advised food companies Associated British Foods (ABF) and Burns Philp in what is one of the largest ever transactions in the bakery ingredients industry.

Securitization remains innovative despite a wave of commoditization, says Paul Ali

Milbank Tweed Hadley & McCloy has successfully adapted two-year-old MTN documentation to create the Aria collateralized debt obligation (CDO), the first widely offered managed synthetic CDO to come to market as a programme.

Asian central-bank bond funds will fail to prompt issuance and increase general liquidity, but might inadvertently succeed in promoting reform. Paul Lejot and Douglas Arner say why