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  • A company under financial distress may seek relief from creditors by filing a court-supervised reorganisation proceeding. The company does not have to provide evidence of being insolvent for the purposes of filing for reorganisation. The company may also file a voluntary bankruptcy liquidation proceeding or a pre-packaged restructuring.
  • According to Republic Act 10142, or the Financial Rehabilitation and Insolvency Act of 2010 (FRIA), section 12, a company may seek relief from creditors by filing a petition for voluntary rehabilitation if it is: (i) insolvent; or (ii) unable to pay its obligations as they become due.
  • Informal workout: a company may come to an out-of-court agreement with its major creditors for the rescheduling of the company's debts and overall-rescheduling. Insolvency is not required to negotiate an informal workout.
  • The company may seek relief from creditors only in cases of suspension of debt payment obligation (PKPU), not in cases of bankruptcy.
  • The Debtor Rehabilitation and Bankruptcy Act (DRBA) governs bankruptcy proceedings and reorganisation proceedings in Korea. In this response, bankruptcy proceeding refers to the liquidation proceeding prescribed under the DRBA, reorganisation proceeding refers to the reorganisation proceeding prescribed under the DRBA, and insolvency proceeding refers collectively to a bankruptcy proceeding and a reorganisation proceeding
  • John Houghton, Howard Lam and Mitchell Seider of Latham & Watkins introduce the Insolvency and Corporate Reorganisation Survey, highlighting several trends in restructuring markets around the world
  • The first three months of reporting under the European Markets and Infrastructure Regulation has revealed different national practices for put and call options in M&A deals
  • Karen Kemp of the Hong Kong Monetary Authority discusses Hong Kong’s January consultation on establishing a resolution regime for financial institutions in the special administrative region