The Restructuring Project is a collaborative effort involving some of the leading judges, academics, and practitioners from Asia, Europe, and North America. It consists of two phases. The first phase has already begun, and entails a mapping exercise of the business reorganisation regimes (both in-court and out-of-court) in ASEAN, Australia, China, Hong Kong, India, Japan, and South Korea. The target outcome of the first phase is to publish a compendium of the reports. In the second phase, the results from the mapping exercise will be used to distill and formulate common principles for in-court and out-of-court restructuring which will be published as the Asian Principles.
~ Justice Kannan Ramesh, Supreme Court of Singapore, Singapore Insolvency Conference 2018, Keynote Address, 23 July 2018.
Since the Asian Financial Crisis, there has been a greater push for financial integration in Asia. However, the laws governing business reorganisation remain a patchwork of laws with different approaches and philosophies. This creates time and cost inefficiencies in a region that is seeing growing cross-border investment. To that end, the project, which is being jointly undertaken by the Asian Business Law Institute (ABLI) and the International Insolvency Institute (III), aims to publish a set of Asian Principles of Restructuring which will seek to eliminate these inefficiencies.
The project involves two phases:
- Phase one: A mapping exercise of the business reorganization regimes (both in-court and out-of-court) in ASEAN, Australia, China, Hong Kong, India, Japan and South Korea. The mapping exercise will be published as a compendium of “Jurisdiction Reports” for each of the 16 jurisdictions considered.
- Phase two: An examination of the output of the mapping exercise to determine the areas of similarity and make recommendations for ways in which the regimes in each jurisdiction could work more effectively with one another. The aim is to publish a set of Asian Principles of Restructuring (again, covering in-court and out-of-court regimes) directed at judges and practitioners, but also legislators and policy-makers in Asia.
The project will be undertaken a number of committees comprised of members of the III and the global insolvency community who are highly regarded experts in insolvency/restructuring in their own jurisdiction and internationally.
The Principles will be jointly issued by ABLI and the III. The joint involvement of both these institutions speaks to its importance and significance, particularly for Asia, and it is intended that these Principles will inform all stakeholders in Asia on an appropriate approach to Asian restructurings and thereby advance convergence in Asian insolvency laws.
The Project was conceived in 2016 by the following group of leading figures in the insolvency community, drawn from the distinguished membership of the III:
- Australia, Brunei, Cambodia, China, Hong Kong SAR, India, Indonesia, Japan, Laos, Malaysia, Myanmar, Philippines, Singapore, South Korea, Thailand and Vietnam.
- The Honourable Chief Justice James ALLSOP
- Mr Sumant BATRA
- Professor Charles BOOTH
- Dr Mohamed Idwan GANIE
- Professor Louise GULLIFER
- The Honourable Justice Jonathan HARRIS
- Mr Francisco Ed LIM
- The Honourable Justice Brigitte MARKOVIC
- Professor OH Soo-Geun
- President Luciano PANZANI
- Professor Christoph PAULUS
- the Honourable James PECK
- the Honourable Justice Kannan RAMESH
- the Honourable Lord Justice David RICHARDS
- Dr Janis SARRA
- Dr Annerose TASHIRO
- Professor WANG Weiguo
- Professor Emeritus Bob WESSELS
- Professor Jay WESTBROOK
- Professor Wisit WISITSORA
- Associate Professor Stephen BULL
- Mr Harish CHANDER
- Mr Gilberto D GALLOS
- Professor Min HAN
- Mr HO Look Chan
- Dr Konak JULLAMON
- Mr George KELAKOS
- Mr John MARSDEN
- Mr Rabindra NATHAN
- Mr NGUYEN Hoang Anh
- Ms Maria O'BRIEN
- Professor Paul OMAR
- Professor John A. E. POTTOW
- Mr Tim SACKAR
- Mr Hideyuki SAKAI
- Mr ZHOA Kuncheng