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Insolvency law reform has become a subject of public urgency in many countries in the past two decades and particularly in much of Asia over the last ten years. This volume provides an overview of insolvency laws and related rules and procedures in the countries of East Asia. The book comprises two introductory chapters dealing with issues, such as legal culture and cross-border insolvency, before examining the fourteen principal jurisdictions in the region. Each chapter addresses the key themes of different insolvency regimes, such as: the legal system and culture; personal insolvency laws; corporate insolvency rules; court based schemes of arrangement; winding up procedures; liquidators; enforcement; and offences. This title will be an invaluable guide to academics, practitioners and policy-makers working in the areas of comparative and commercial law.
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INSOLVENCY LAW IN EAST ASIA This page intentionally left blank Insolvency Law in East Asia Edited by ROMAN TOMASIC © Roman Tomasic 2006 All rights reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise without the prior permission of the publisher. Published by Ashgate Publishing Limited Gower House Croft Road Aldershot Hampshire GU11 3HR England Ashgate Publishing Company Suite 420 101 Cherry Street Burlington, VT 05401-4405 USA Ashgate website: http://www.ashgate.com British Library Cataloguing in Publication Data Insolvency law in East Asia 1. Bankruptcy - East Asia I. Tomasic, Roman 346.5’078 Library of Congress Cataloging-in-Publication Data Tomasic, Roman. Insolvency law in East Asia / by Roman Tomasic. p. cm. Includes index. ISBN 0-7546-2125-1 (alk. paper) 1. Bankruptcy--East Asia. I. Title. KNC362.T663 2005 346.507'8--dc22 2005015921 ISBN-10: 0-7546-2125-1 ISBN-13: 978-0-7546-2125-6 Printed and bound in Great Britain by MPG Books Ltd, Bodmin, Cornwall. Contents List of Tables List of Abbreviations vii ix 1 Diversity and Convergence in Insolvency Laws in East Asia Roman Tomasic 1 2 Insolvency Law in Japan Stacey Steele 13 3 Insolvency Law in Korea Soogeun Oh 63 4 The Long March Towards China’s New Bankruptcy Law Roman Tomasic and Margaret Wang 93 5 Insolvency Law in Taiwan: The Interplay between Official and Unofficial Law Angus Francis and Neil Andrews 125 6 Insolvency Law in Hong Kong E.L.G. Tyler 213 7 Insolvency Law in Vietnam John Gillespie 239 8 Insolvency Law in Laos Terry Reid 271 9 Thai Insolvency Law: One Step Towards the Development of the Legal Infrastructure for a Revitalised Economy Eugene Clark and Sutee Supanit 291 10 Insolvency Law in Malaysia Bahrin (Kam) Kamarul 321 11 Insolvency Law and Institutions in Indonesia David K. Linnan 355 vi Insolvency Law in East Asia 12 Insolvency Law in Singapore Victor Yeo and Pauline Gan 13 The Corporate Insolvency System of the Philippines: Experience and Reforms Cesar L. Villanueva 375 425 14 Insolvency Law in New Zealand Paul Heath 441 15 Insolvency Law in Australia Rosalind Mason 463 16 Culture, Insolvency and Legal Orientalism in Asia: Reaching for Goering’s Revolver Tim Lindsey 509 Cross-border Insolvency in East Asia: Formal and Informal Mechanisms and UNCITRAL’s Model Law Angus Francis 535 17 Index 553