The 5th meeting of FAIR took place on 27-28 April 2006 in Beijing, China. It was co-hosted by the Development Research Centre of the State Council of China. FAIR V gathered more than 150 participants from 24 jurisdictions (Australia, Bangladesh, Belgium, Canada, China, Chinese Taipei, Hong Kong China, India, Indonesia, Japan, Korea, Malaysia, Mongolia, Myanmar, Nepal, the Netherlands, Pakistan, Philippines, Singapore, Sri Lanka, Thailand, United Kingdom, United States, Vietnam) and 6 international organisations (ADB, APEC, IMF, UNCITRAL, the WB and OECD).

 

Participants examined the lessons from ten years of institutional and legal reforms of Asian insolvency systems. They discussed the relevance of the international guidance to improving insolvency systems and focused in particuar on the World Bank Principles on Insolvency and Creditor Right Systems, the UNCITRAL Legislative Guide on Insolvency and the UNCITRAL Model Law on Cross-Border Insolvency.   The gap between insolvency reforms and their effective implementation was considered as a primary challenge for Asian poilcy makers and it was agreed that there is a need to shift the focus of FAIR from stock taking to support for capacity building, and more technical and country specific dialogue on insolvency.

 

Agenda (pdf)

Presentations

Topical papers

Country papers

Further reading

 

Presentations

Session I: Asian insolvency reforms in the last decade

• Comparative Overview of Asian Insolvency Reform in the Last Decade by Prof. Soogeun Oh, Ewha Womans University, Seoul, Korea

• Lawmaking and Institution Building in Asian insolvency Systems by Mr. Terence Halliday, American Bar Foundation and Northwestern University, United States

• Enterprise Bankruptcy Law of China: Changes Based on Reform Process - Take Example by the Relationship between Workers' Claims and Security Interests by Mr. CHEN Xiaohong, Director and Researcher of the Enterprise Research Institute Development Research Centre of the State Council, China - Powerpoint presentation

• Improving the framework for Debt Collection Litigation/Arbitration in the APEC region by Mr. Kunihiko Shinoda, Chair of Strengthening Economic Legal Infrastructure (SELI) Coordinating Group, Director, APEC Office, Trade Policy Bureau, Ministry of Economy, Trade and Industry, Japan

• Legislative Guide on Insolvency Law by Ms. Jenny Clift, Senior Legal Officer and Head, Technical Assistance and Coordination, United Nations Office of Legal Affairs, UNCITRAL, United Nations Commission on International Trade Law  - English version - Chinese version

• The Case for a Strong Regulatory Framework:The World Bank Principles In Asia by Mr. Vijay Srinivas Tata, Chief Counsel – Insolvency & Creditor Rights, The World Bank

• The Issues on Enterprise Bankruptcy legislation by Mr. Zhu Shaoping, China

Session II: Enterprise reorganisation

Session III: Informal workouts

• Promoting Regional Cooperation in the Development of Insolvency Reforms – ADB RETA 5975, Informal Workouts  by Mr. Richard Fisher, Blake Dawson Waldron and ADB

• Promoting Regional Cooperation in the Development of Insolvency Reforms – ADB RETA 5975 Collaboration with ABA/ABAC by Mr. Michael Sloan, Blake Dawson Waldron and ADB

• ADB - ABAC Collaboration An APEC Business Advisory Council (ABAC) Perspective - Processes of Promoting Reform by Mr. Ken Waller, Co-ordinator, ABAC Finance Working Group

Session IV: Courts and the judiciary

• Role of Judges & Judicial Expertise Lessons & Strategies From The Global Judges Forum by Mr. Gordon Johnson, Kirkland & Ellis LLP, Legal Vice Presidency, The World Bank

• The Courts' Role in the Proceedings of Enterprise Bankruptcy and Restructuring and the Problems that need to be solved by Mr. Song Xiaoming, Chief Judge of No. 2 Civil Court the Supreme People's Court, China - English version - Chinese Version

Session V: Regulatory and institutional issues

• The Case for a Strong Regulatory Framework: The World Bank Principles In Asia, Mahesh Uttamchandani, Senior Counsel – Insolvency & Creditor Rights, The World Bank

Session VI: Priority claims

• Social Protection: Pensions & Priorities, Insolvency and Social Protection - Employee Entitlements in an Employers Insolvency by Mr. James H.M. Sprayregen & Mr. Gordon W. Johnson, Kirkland & Ellis LLP

• The Issues Concerning the Order of Payment of Workers' Claims and Security Interests in the New Bankruptcy Law  by Mr. Wang Weiguo, China - English version - Chinese Version

• The Establishment of the Principle of Limited priority of Workers' Claims in the Enterprise Bankruptcy Law by Mr. Li Guoqiang, China - English version - Chinese Version

Session VII: Creditor participation

• Opening doors Closing deals in Asia by Mr. Steven Miller

• Creditor Participation in China & Hong Kong by Mr. Alan CW Tang, Grant Thornton, Hong Kong, China

• Participation of Creditors in insolvency proceedings Issues arising from cases in Philippines, Singapore and Hong Kong by Mr. David J. KIDD, Hong Kong

Session VIII: Treatment of corporate groups

• Corporate groups in insolvency: The lessons form the EU Regulation, Thierry Bosly & Muriel Alhadeff, Partner, White & Case Brussels, Belgium

Session IX: Cross-Border Insolvency

• Recent Cross-Border Insolvencies in Singapore by Kannan Ramesh, Senior Partner, Tan Kok Quan Partnership

 

Topical papers

• Lawmaking and Institution Building in Asian Insolvency Reforms: between Global Norms and National Circumstances by Mr. Terence C. Halliday, Senior Research Fellow, American Bar Foundation, and Adjunct Professor of Sociology, Northwestern University, USA

• Comparative Overview of Asian Insolvency Reforms in the Last Decade by Professor Soogeon OH, Ewha Womans University - Seoul, Korea

• Insolvency Laws in South Asia: Recent Trends and Developments by Mr. Sumant Batra, International consultant, The  World Bank

• Weaving the Safety Net for an Aging World:Lessons Learned from the Pension and Insolvency Systems of the U.S., the U.K., and Germany, by Mr. James H.M. Sprayregen  and Mr. James J. Mazza, Kirkland & Ellis LLP, United States

• Insolvency and Social Protection: Employee Entitlements in the Event of Employer Insolvency by Mr. Gordon W. Johnson, Partner, Restructuring Group Kirkland & Ellis LLP, New York, USA

• Issues Arising in the Cross-Border Insolvency of Groups of Companies in Japan by
  Mr. Shinjiro Takagi, PhD - Industrial Revitalization Commission, Japan

• Further Developments in Cross-Border Insolvency Law by Mr Christoph G. Paulus, World Bank

• Creditor Participation in Insolvency Proceedings by Professor Roman Tomasic, School of Law, Victoria University, Melbourne, Australia

 

Country papers

  CHINA:

• Issues in the Acceptance of Bankruptcy Cases by Chinese Courts by Mr. Yu Junfu and Mr. Chen Dong, Zhong Lun Law Firm, China

• Developing a Regulatory Framework for Outsourcing of Insolvency Work in Hong Kong, China by Mr. Xianchu Zhang, Faculty of Law, University of Hong Kong, China

• The Order of Payment of Workers' Claims and Security Interests under China's New Bankruptcy Law by Mr. Wang Weiguo, President and Professor of the Civil and Economic Law School of China University of Political Science and Law, and member of the working group on bankruptcy legislation under NPC-FEC, China

• An International Comparison of Insolvency Laws by Mr Wang Huaiyu, Enterprise Research Institute, Development Research Centre of the State Council, China

• Creditor Participation in China & Hong Kong by Mr. Alan CW Tang, Grant Thornton, Hong Kong, China

• The Courts Role in Enterprise Bankruptcy Proceedings and Restructuring in China, by Mr. Song Xiaoming, Chief Judge of the No. 2 Civil Court, the Supreme People's Court, China

• The Establishment of Limited Priority of Workers' Claims in the Enterprise bankruptcy Law of China by
  Mr. Li Guoqiang, Researcher, Mr. Chen Xiaohong, Director, Dr. Wang Huaiyu, Dr. Qi Changdong and other experts, Institute of Enterprise Research of the Development Research Centre of the State Council, China

  INDONESIA:

• Indonesian Bankruptcy Law: an Update by Mr. Subianta Mandala, Ministry of Law and Human Rights, the Republic of Indonesia

   NEPAL:

• Latest Trend and Development of Insolvency Law in Nepal by Mr. Bharat Raj Upreti, Pioneer Law Associates - Kathmandu, Nepal

 THAILAND:

• Lessons Learned: Bankruptcy Reform in Thailand by Mr Wisit Wisitsora-At, Director-General, Office of Justice Affairs, Legal Execution Department, Thailand

• Asian Insolvency System: The Thai Perspective by Mr. Prairoj Vongvipanond
  Institute of Social and Economic Research, Dhurakij Pundit University - Bangkok, Thailand

 VIET NAM:

• An Update on Non-Performing Loans Resolution and Banking Reform in Viet Nam by  Mr. Hoang Tien Loi, Partner, Mekong Co., Ltd (Auditors & Consultants), Viet Nam

 

Further reading

• Credit Risk and Credit Access in Asia
• Maximising Value of Non-Performing Assets 
• Informal Workouts, Restructuring and the Future of Asian Insolvency Reform
• Insolvency Systems in Asia: An Efficiency Perspective 

 

Related Documents

 

Insolvency in Asia - Forum for Asian Insolvency Reform (FAIR)