Comparison of Japanese and American Bankruptcy Law

The outline and direction of this article are arranged approximately in the order of provisions under the U.S. Bankruptcy Code. The article focuses on Japanese reorganization proceedings, but necessarily discusses Japanese bankruptcy provisions at length. First, eligibility and types of proceedings are discussed. Second, commencement details and administrative provisions, including the “automatic stay” and assumption and rejection of leases and contracts are presented. Third, the debtor’s duties and the handling of claims are reviewed. Fourth, liquidations are compared. Fifth, confirmation and reorganization are explored in detail. Last, a comparison of bankruptcy provisions for individuals concludes the article.