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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.

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.

The Chinese Enterprise Bankruptcy Law (Bankruptcy Law) sets out three types of bankruptcy proceedings for firms in financial trouble: liquidation, reorganisation, and reconciliation. The debtor or any of its creditors may file for liquidation or reorganisation when the debtor becomes insolvent. Reorganisation may also be commenced if the debtor is in imminent insolvency. Only the debtor itself may file for reconciliation. Reconciliation is a process whereby the debtor renegotiates the terms of its debt with the creditors to reach a reconciliation plan, which will be binding upon all creditors once approved by the creditors' meeting and the court. Reconciliation cases are very rare in practice.

Mark Robinson, president of Insol International, discusses his goals for Insol and restructuring developments in the Asia-Pacific

In Argentina, reorganisation and bankruptcy is governed by Law 24,522 (the Bankruptcy Law), which provides for the following insolvency processes.

There are a number of principal corporate insolvency and reorganisation proceedings available under Irish law.

Bankruptcy is regulated by articles 437 to 592 of the Commercial Code. Bankruptcy may be initiated by the debtor itself, by the public prosecutor or by a creditor. The procedure applies to a debtor who meets both of the following criteria: (i) not being able to pay due debts; and (ii) not being able to raise credit. The Commercial Chamber of the District Court (court) will appoint a bankruptcy trustee in charge of the bankruptcy and a judge to supervise the proceedings on granting the petition. Its aim is to realise the debtor's assets and pay the creditors through the recovered assets.

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).

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.

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.