Japan: Restructuring & Insolvency 2016
According to lawyers, the past year has seen a decline in the number of insolvency proceedings in Japan, a trend mainly driven by government policy. Prime Minister Shinzo Abe has discouraged distressed companies from filing for insolvency, instead instructing the financial services agency to help them to reassess the terms of their payments. In December 2015, it was announced that a state-backed fund would assist Toshiba with the restructuring of its home electronics division. As the government continues to pursue this policy, lawyers expect a steady stream of restructuring rather than insolvency work over the next year. Six leading individuals are highlighted in this chapter.
Two impressive individuals at Nishimura & Asahi garner inclusion this year, providing a full range of services in relation to restructurings and insolvency to companies, as well as creditors, sponsors, investors or financial institutions. Hideki Matsushima is “a very well-known specialist in the field” and “never fails to deliver quick and effective solutions to clients”. He is joined by the “brilliant” Michihiro Mori who wins praise for his “forensic attention to detail”.
At TMI Associates, Mitsue Aizawa runs an “acclaimed insolvency practice”. She is highly regarded for her “superb knowledge” of liquidation proceedings.
Anderson Mori & Tomotsune’s Hideyuki Sakai is renowned for his longstanding and dedicated restructuring and insolvency practice. Peers praise his “calm and measured approach”, as well as his “careful handling of complex financial restructurings”.
At Abe Ikubo & Katayama, the “fantastic” Eiji Katayama is described as “a committed and resourceful lawyer” by clients, which have included Japan Airlines and Muramoto Construction.
At Kasumigaseki International Law, Shinichiro Abe delivers responsive advice to clients. He is highly regarded as for his expertise in cross-border corporate restructurings, particularly with regard to Japanese and US matters.