E-Book Overview
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.
E-Book Content
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