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23 Stan. J. Int'l L. 449 (1987)
International Bankruptcy and Japanese Law

handle is hein.journals/stanit23 and id is 461 raw text is: International Bankruptcy and .Japanese Law YASUHEI TANIGUCHI* When Japan's current bankruptcy law was enacted in 1922,' the problems arising from international bankruptcies were more theoretical than practical because the creditors, debtors and as- sets of Japanese entities were, for the most part, only domestic. Today the situation is completely changed. Japanese business ac- tivities extend to every corner of the world and foreign busi- nesses are omnipresent throughout Japan, thereby creating assets, debtors and creditors worldwide. Once a business fails, whether it is Japanese or foreign, its assets and creditors may be found scattered around the world. Yet Japanese bankruptcy law remains domestic in its focus. What can a Japanese bankruptcy court and a Japanese bankruptcy administrator2 do with the bankrupt enterprise's assets abroad? How does Japanese bank- ruptcy law treat foreign bankrupt enterprises or creditors? What kind of effect does a foreign bankruptcy have in Japan? These are the important questions being asked today. These questions are by no means novel. The drafters of the Japanese Bankruptcy Law of 1922 were well aware of them. Their answers were highly parochial: treat the problems with the principles of territoriality and reciprocity. This essay will ex- amine Japanese bankruptcy legislation and its international ramifications, and discuss the problems Japanese bankruptcy law gives rise to in Japanese and foreign bankruptcy proceedings. For the purposes of this article, international bankruptcy shall * Professor of Law, Kyoto University. Professor Taniguchi received his LL.B. in 1957 from Kyoto University, an LL.M. in 1963 from the University of California, Berke- ley, and a J.S.D. in 1964 from Cornell University. With a few exceptions, the author limits citations of secondary materials to English language sources. I HASANH6 (Bankruptcy Law), Law No. 71 of 1922 (Japan). 2 Administrator is a person appointed by the court who takes possesion of the debtor's assets, and is also referred to as trustee or representative of the bankrupt estate in other materials. In the Japanese context, the term means administrator in a bankruptcy liquidation proceeding, in a corporate reorganization or in both of them collectively. 449

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