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39 Cornell Int'l L.J. 1 (2006)
Japan's Revised Laws on Business Reorganization: An Analysis

handle is hein.journals/cintl39 and id is 9 raw text is: Japan's Revised Laws on Business Reorganization: An Analysis Hon. Samuel L. Buffordt & Kazuhiro Yanagidat Introduction ..................................................... 3 1. Differences Between the CRA and the RA ................. 6 A . Eligibility ............................................. 6 B. Faster Procedures ..................................... 6 C. The Trustee or Debtor in Possession ................... 7 1. Debtor in Possession Under the CRA ................ 7 2. Trustee Under the RA ............................ 9 3. Comparison of the CRA and the RA ................. 9 D. Treatment of Secured Creditors ........................ 10 1. Treatment of Secured Creditors Under the CRA ...... 10 a) Separation Rights .. ......................... 10 b) Suspension Order ............................. 10 c) Redemption and Termination of Security In terest ....................................... 11 2. RA Treatm ent ..................................... 11 a) Stay Taking Effect at Time of Case Opening .... 11 b) Provisional Stay Pending a Decision on Case O pening ............... ...................... 11 c) Redemption and Termination of Security Interest ....................................... 12 3. Appraisal of Property Value ........................ 13 a) Bifurcation .................................... 13 b) Standard for Valuation ........................ 13 E. Treatment of Taxes and Wages ........................ 14 1. W age Claim s ...................................... 14 a) Treatment Under the CRA ..................... 14 b) Treatment Under the RA ....................... 14 2. Tax C laim s ........................................ 15 a) Treatment Under the CRA ..................... 15 b) Treatment Under the RA ....................... 15 F. Treatment of Shareholders and Fundamental Changes in the Debtor's Structure .............................. 16 1. Shareholder Voting Rights .......................... 16 t United States Bankruptcy Judge, Central District of California; Nomura Lecturer on Law, Harvard Law School (winter 2005). J.D., University of Michigan, 1973; Ph.D., University of Texas, 1969. Associate, Nishimura & Partners; LL.B., Meiji University Faculty of Law, 1996; LL.M., Waseda University Graduate School of Law, 1999; LL.M., Harvard Law School, 2003. 39 CORNELL INT'L LJ. 1 (2006)

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