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2014 Insolvency and Corporate Reorganisation Survey: South Korea

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

May 18 2014

2014 Insolvency and Corporate Reorganisation Survey: The Philippines

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.

May 18 2014

2014 Insolvency and Corporate Reorganisation Survey: United States

The US Bankruptcy Code (Code) does not require a company to be insolvent to seek relief from creditors and reorganise as a going concern.

May 18 2014

Americas: risk rating map

May 18 2014

2014 Insolvency and Corporate Reorganisation Survey: Indonesia

The company may seek relief from creditors only in cases of suspension of debt payment obligation (PKPU), not in cases of bankruptcy.

May 18 2014

A snapshot of global restructuring

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

May 18 2014

Cross-jurisdictional analysis: Global implementation table

May 18 2014

2014 Insolvency and Corporate Reorganisation Survey: Ireland

The form of relief a company may seek from its creditors that may allow for the company's continued survival is relief through the examinership process. One of the five preconditions to the appointment of an examiner is that the company be insolvent or likely to be insolvent.

May 18 2014

2014 Insolvency and Corporate Reorganisation Survey: United Kingdom

Certain corporate restructuring procedures such as voluntary arrangements (CVAs) under the Insolvency Act 1986 (IA) or schemes of arrangement under the Companies Act 2006 (a process involving a compromise or other arrangement with creditors or members) do not require a company to be insolvent, although in most restructuring cases the company will be tinkering on the brink of insolvency.

May 18 2014

2014 Insolvency and Corporate Reorganisation Survey: Russia

There is no statutory regime for restructuring a company's debts outside formal insolvency proceedings, and no Chapter 11-equivalent protection. The directors of a company may only (and must) file for insolvency if the company meets the statutory test, but face administrative or potentially criminal liability for a fraudulent filing.

May 18 2014

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