10 August 2017
Launch of Asian Principles of Restructuring Project
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 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:
1. 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 target outcome is to publish a compendium of the reports by July 2018.
2. An examination of the output of the mapping exercise to determine the areas of similarity and make recommendations for ways in which the regimes could work more effectively with one another. The aim is to publish by July 2019 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 by three committees - an Advisory Committee, a Working Committee and a Drafting Committee - 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 by an initial group of leading figures in the insolvency community, namely Judge Kannan Ramesh of the Supreme Court of Singapore, Hon. James Peck (Retired) of Morrison & Foerster LLP, Dr Shinjiro Takagi (Morgan Lewis Stamford), Professor Rosalind Mason (Queensland University of Technology), Alan Bloom of Ernst & Young and Donald Bernstein of Davis Polk & Wardwell LLP.
If you are interested in in being involved with this project, please send an email to the ABLI Secretariat at: email@example.com