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  • There are four types of insolvency proceedings available in Japan for the rehabilitation of companies in financial difficulty: corporate reorganisation proceedings (kaisha kosei); civil rehabilitation proceedings (minji saisei); bankruptcy proceedings (hasan); and, special liquidation proceedings (tokubetsu seisan).
  • In Argentina, reorganisation and bankruptcy is governed by Law 24,522 (the Bankruptcy Law), which provides for the following insolvency processes.
  • When faced with financial difficulties, debtors are faced with two broad options: insolvency/ bankruptcy; or a voluntary reorganisation. The options available to a financially distressed debtor will inevitably depend on whether the debtor is a company or an individual or partnership.
  • Both bankruptcy and reorganisation processes are governed by the Montenegrin Insolvency Law.
  • There are two main categories of statutory bankruptcy proceedings in Norway both regulated by the Bankruptcy Act 58 of June 8 1984: winding-up proceedings and judicial debt negotiation proceedings. Judicial debt negotiation proceedings can be either voluntary or compulsory, subject to slightly different legislation.
  • Slovak law provides for two particular processes for debtors in financial difficulties: bankruptcy and restructuring. Both proceedings are initiated solely upon the petition (proposal) and are divided into two phases. Bankruptcy is commenced upon the declaration of bankruptcy by the court and is preceded by bankruptcy proceedings (initial phase) where ascertainment of the debtor's property is carried out by a trustee (in the Slovak Republic, the administrator). On the other hand, restructuring is commenced upon its permit by the court and is preceded by restructuring proceedings (initial phase) where the evaluation of all prerequisites is executed by the court.
  • There are two primary types of business insolvency proceedings under title 11 of the United States Code (Bankruptcy Code): chapter 11 and chapter 7 proceedings.
  • There are a number of principal corporate insolvency and reorganisation proceedings available under Irish law.
  • Formal collective insolvency procedures under the Insolvency Act 1986 (Act) consist of company voluntary arrangements (CVA), administration and liquidation. Receivership is a secured creditor's limited enforcement remedy.
  • Part 5.1 of chapter 5 of the Corporations Act 2001(Cth) contains provisions for compromises or arrangements between a company and its creditors or the company and its members. These are generally called schemes. The scheme approval process is controlled by the court that orders the holding of meetings of creditors, classes of creditors or members. The court must also approve the information to be sent to creditors in relation to the scheme. A liquidator can also promote a scheme.