Welcome Address
The East Asia Symposium on Business Restructuring & Insolvency Law and Practice has been held every year in Korea, China and Japan in rotation. The Symposium was held in Korea in 2009 and 2012, in China in 2010 and 2013, and in Tokyo, Japan in 2011. This time, we are going to hold our 6th Symposium in Kyoto, Japan, a beautiful and historic city, for over two days from September 27 to 28, 2014.
The purpose of our Symposium is for the leading academics, practitioners and economic experts in each country, who are engaged in the practice of insolvency and business restructuring, to meet and work together and exchange their views and share their experiences with each other, and offer proposals on legislation on insolvency and business restructuring as well as reforms in the practice thereof in each country. By doing so, we hope to make the practice of insolvency and business restructuring in East Asia economic zone fairer, faster and more economically rational.
Recently, our government has decided to review one of the out-of-court workout rules that requires the approval of all creditors to waive a claim. This was pointed out last year by Shinjiro Takagi, who is our Symposium’s current Senior Advisor and former President, at our Symposium in Beijing, China as one of the problems of the out-of-court workout system in Japan. We thus believe that the exchange of views at our Symposium is gradually bearing fruit as can be seen from this recent development.
At this year’s Symposium, we will deal with three themes, namely, “Turnaround at an Early Stage,” “Liabilities of the Management of Bankrupt Companies,” and “Bankruptcy of Financial Institutions,” and we are now preparing to report problems and solutions, and exchange views based on actual cases encountered in each country. We are convinced that an active exchange of views will make future legislation on insolvency and business restructuring in East Asia more practical and fairer.
Lastly, I would like to express again our deep gratitude to those financial institutions (including securities companies), law firms, advisory companies of audit corporation groups, and consulting firms that will support and sponsor our Symposium.
I look forward to seeing you at our Symposium in September 2014 in Kyoto, Japan．
Hiroyasu Ueda
President of Japan Chapter
The East Asian Association of Insolvency & Restructuring