BANKRUPTCY
When it is difficut to pay dabts, in Japan there are many options to deal with the matter, which include bankruptcy, reorganizaion with a supervisor, reorganization with an administrator, ordinary liquidation, and settlements with creditors. Decision of which measure is best fit for the specific cituation needs consideration of various factors.
When business entities are thinking about these procedures, what is most important is an early decision, because in that stage there are opportunities of mergers and acquisitions or investments by third parties.
In our opinions, the requirements are relatevely generous to use these bankruptcy related measures in Japan than other countries. Also, discharge of debts can be achieved.
However, there are many situations which prevent businesses or individuals from application for some proceedings or discharge of debts. Thus, we strongly recommend you to consult with attorneys in earlier stage if you are thinking of discharge of debts.
Earth& Law Firm has dealt with many bankruptcy related cases and also we have lawers conducting administrator jobs appinted by courts. If you are thinking of bunkruptcy related matters, please do not hesitate to contact us.
