Debtor-in-possession proceedings in Japan

There has been a rise in distressed situations in Japan in recent years – since 2010, Elpida Memory, Inc. (Elpida), Victor Company of Japan, Limited, Takefuji Corporation, Japan Airlines Corporation, AIFUL Corporation and Willcom, Inc. have all become subject to insolvency procedures in Japan. This trend looks set to continue as many areas of Japanese industry continue to come under pressure. This, of course, presents investment opportunities for those willing to consider distressed situations. However, it is important that any potential investor understands the legal and cultural complexities in Japan before committing to any investment decision that from an analysis of the financial data alone seems to promise a significant return.

In this article we take a brief look at an insolvency proceeding that has been introduced recently in Japan and has garnered a lot of attention – “debtor in possession” corporate reorganization proceedings (DIP Proceedings). After summarising its key elements, we set out a short critique of DIP Proceedings and highlight issues that creditors should be wary of…

If you are registered and logged in to the site, click on the link below to read the rest of the Hogan Lovells briefing. If not, please register or sign in with your details below.


Sign in or Register to continue reading this article

Sign in


It's quick, easy and free!

It takes just 5 minutes to register. Answer a few simple questions and once completed you’ll have instant access.

Register now

Why register to The Lawyer


Industry insight

In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.


Market intelligence

Identify the major players and business opportunities within a particular region through our series of free, special reports.


Email newsletters

Receive your pick of The Lawyer's daily and weekly email newsletters, tailored by practice area, region and job function.

More relevant to you

To continue providing the best analysis, insight and news across the legal market we are collecting some information about who you are, what you do and where you work to improve The Lawyer and make it more relevant to you.

Briefings from Hogan Lovells

View more briefings from Hogan Lovells

Analysis from The Lawyer

View more analysis from The Lawyer


Atlantic House
Holborn Viaduct

Turnover (£m): 1,098.00
No. of lawyers: 2,313 (UK 200)
Jurisdiction: UK
No. of offices: 8
No. of qualified lawyers: 219 (International 50)
No. of partners: 56