ICLGThe International Comparative Legal Guide to: Corporate Recovery & Insolvency 2018 12th Edition A practical cross-border insight into corporate recovery and insolvency work Published by Global Legal Group, in association with INSOL International, with contributions from: Ali Budiardjo, Nugroho, Reksodiputro Matheson Barun Law LLC Miyetti Law BlackOak LLC Nishimura & Asahi Campbells Noerr LLP De Pardieu Brocas Maffei Aarpi Paul, Weiss, Rifkind, Wharton & Garrison LLP Dhir & Dhir Associates Pirola Pennuto Zei & Associati Dirican | Gozutok | Bagci Schindler Rechtsanwälte GmbH Gall SOLCARGO Gilbert + Tobin SUE Abogados, S.L.P. Hannes Snellman Attorneys Ltd Tatara & Partners Restructuring & Insolvency Law Firm INFRALEX Thornton Grout Finnigan LLP INSOL International Wijn & Stael Advocaten Kennedys Chudleigh Ltd. Zamfirescu Racoți & Partners Attorneys at Law Kovács Réti Szegheő Law Firm Zepos & Yannopoulos Law Office Waly & Koskinen Ltd. Lenz & Staehelin Loyens & Loeff Luxembourg Macfarlanes LLP The International Comparative Legal Guide to: Corporate Recovery & Insolvency 2018 Editorial Chapter: 1 INSOL International – An Overview – Adam Harris, INSOL International 1 General Chapter: 2 Resolving Insolvency the World Bank Way – Jat Bains & Paul Keddie, Macfarlanes LLP 4 Contributing Editor Country Question and Answer Chapters: Jat Bains, 3 Australia Gilbert + Tobin: Dominic Emmett & Alexandra Whitby 8 Macfarlanes LLP Sales Director 4 Austria Schindler Rechtsanwälte GmbH: Martin Abram & Florian Cvak 15 Florjan Osmani 5 Bermuda Kennedys Chudleigh Ltd.: Alex Potts QC & Nick Miles 21 Account Director Oliver Smith 6 Canada Thornton Grout Finnigan LLP: Leanne M. Williams & Puya J. Fesharaki 30 Sales Support Manager 7 Cayman Islands Campbells: Guy Manning & Guy Cowan 37 Toni Hayward 8 England Macfarlanes LLP: Jat Bains & Paul Keddie 44 Sub Editor Hollie Parker 9 Finland Law Office Waly & Koskinen Ltd.: Tuomas Koskinen & Sami Waly 50 Senior Editors Suzie Levy 10 France De Pardieu Brocas Maffei Aarpi: Joanna Gumpelson & Philippe Dubois 56 Caroline Collingwood 11 Germany Noerr LLP: Dr. Thomas Hoffmann & Isabel Giancristofano 63 Chief Operating Officer Dror Levy 12 Greece Zepos & Yannopoulos: Emmanuel Mastromanolis & Group Consulting Editor Danai Eirini Falconaki 69 Alan Falach 13 Hong Kong Gall: Nick Gall & Ashima Sood 78 Publisher Rory Smith 14 Hungary Kovács Réti Szegheő Law Firm: Dr. Eniko Vida & Dr. Attila Kovács 84 Published by 15 India Dhir & Dhir Associates: Alok Dhir 89 Global Legal Group Ltd. 59 Tanner Street 16 Indonesia Ali Budiardjo, Nugroho, Reksodiputro: Theodoor Bakker & London SE1 3PL, UK Tel: +44 20 7367 0720 Herry Kurniawan 97 Fax: +44 20 7407 5255 Email: [email protected] 17 Ireland Matheson: Tony O’Grady & Karen Reynolds 102 URL: www.glgroup.co.uk 18 Italy Pirola Pennuto Zei & Associati: Massimo Di Terlizzi 109 GLG Cover Design F&F Studio Design 19 Japan Nishimura & Asahi: Yoshinori Ono & Hiroshi Mori 116 GLG Cover Image Source 20 Korea Barun Law LLC: Thomas P. 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All rights reserved 24 Nigeria Miyetti Law: Jennifer Douglas-Abubakar & Oluwole Olatunde 147 No photocopying 25 Poland Tatara & Partners Restructuring & Insolvency Law Firm: ISBN 978-1-912509-04-1 Karol Tatara & Mateusz Kaliński 153 ISSN 1754-0097 26 Romania Zamfirescu Racoți & Partners Attorneys at Law: Stan Tîrnoveanu & Strategic Partners Cătălin Guriță-Manole 158 27 Russia INFRALEX: Artem Kukin & Stanislav Petrov 163 28 Singapore BlackOak LLC: Ashok Kumar & Darius Tay 169 29 Spain SUE Abogados, S.L.P.: Antonia Magdaleno Carmona & Julián Chamizo Renau 176 30 Sweden Hannes Snellman Attorneys Ltd: Paula Röttorp & Carolina Wahlby 180 31 Switzerland Lenz & Staehelin: Tanja Luginbühl & Dr. Roland Fischer 186 32 Turkey Dirican | Gozutok | Bagci: Gokben Erdem Dirican 194 33 USA Paul, Weiss, Rifkind, Wharton & Garrison LLP: Alan W. Kornberg & Elizabeth R. McColm 201 Further copies of this book and others in the series can be ordered from the publisher. 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WWW.ICLG.COM Chapter 1 INSOL International – An Overview INSOL International Adam Harris It is a privilege to contribute once again to this publication and to Fellows are considered leaders in their field and whilst many are take the opportunity to showcase some of the activities and projects younger practitioners, the course itself has allowed them to develop of INSOL International which will be of interest to the readers of a close network enabling an opportunity to leverage off the strengths this global publication. The reach and scope of INSOL’s activities and contacts of the entire group. Furthermore, an interesting and is truly international, and I have no doubt that the activities, obviously valuable by-product for the Fellows has been the cross- learning opportunities and publications featured in this note will be referral of work. The course itself is exclusive and enrolment on informative and valuable to the readers who have, or aspire to, a an annual basis is limited to 20 participants. The 2017/2018 class profile which transcends borders. was fully subscribed, and we already have received a number of To give a flavour of what sits behind the INSOL International registrations for the 2018/2019 class, which will commence later this logo, I will try to conduct a quick helicopter view tour, looking at year. The cadre of Fellows (now some 130-strong) also constitutes learning, our talent pool, publications, conferences, and outreach a talent-pool from which many participants in the development and programmes. And, of course, the future and how we see the presentation of diverse technical programmes, (such as INSOL’s organisation developing even further. various conferences and seminars), are drawn. This gives INSOL an unbeatable resource of young, dynamic talent, and gives INSOL International is continually refining and developing its the individual and his or her firm the benefit of the international offering to its members and the numerous organisations with which exposure, the networking and the cross-referrals. we work closely, as is apparent from the highlights referred to in this article. Attend: Conferences and Seminars Learn: INSOL International Global A visit to the INSOL International website will provide a taste of the Insolvency Practice Course many and varied activities and programmes which INSOL presents annually. Whilst INSOL organised many regional seminars this A strong underlying theme of the work which INSOL undertakes is past year, by far the biggest event of 2017 was the Quadrennial held that our members are able to operate globally. Given that modern in Sydney, Australia, which attracted over 1,000 delegates. The enterprises regularly conduct business across multiple jurisdictions, congress covered a multitude of interesting topics over three days it is generally the case that the financial distress of a global business and overwhelmingly positive feedback was received. It would not will traverse borders and that it can no longer be dealt with in be overstating it to say that it was a spectacular event! One particular terms of the legal framework and insolvency regime of only one highlight of the educational programme was the case study – “Oil particular jurisdiction. In fact, the ever-growing number of cross- in a Day’s Work”. Shown over the course of day one, this scripted border insolvency cases continues to present new challenges to and filmed video case study provided delegates with subject-matter the turnaround and insolvency professionals. This is no longer a to discuss, debate and consider in great detail. The discussion phenomenon which attracts attention. In response, the professionals continued over coffee, lunch, dinner and drinks – all debated with must not only be skilled in the provisions of their own jurisdictions, great passion, a sure sign that the material had hit the right note. All but, in addition, they need to have a thorough and extensive in all, INSOL 2017 was a most impressive and successful event. knowledge of the multinational aspects (both legal and financial) In addition to the Quadrennial, we held a number of regional with which a distressed entity operating across borders is faced. seminars on the international stage in 2017. In February, we held With a background such as this, the INSOL International Global our first seminar in Seoul, followed by our annual Latin America Insolvency Practice course (also known as the Fellowship Seminar, held in São Paulo, in May. We also held seminars in Tel Programme) was created to fulfil a need for a broadly scoped, Aviv in June, the Channel Islands in September, and Kuala Lumpur advanced educational qualification which has a focus on in November.