Restructuring and insolvency: Independent local firms in Japan

Anderson Mori & Tomotsune

Anderson Mori & Tomotsune‘s group harnesses expertise in advising a diverse range of stakeholders on restructuring matters, including financially distressed companies, debtors in court proceedings, equity sponsors, major banks, bondholders, hedge funds and insurance firms. The team is jointly led by specialist in cross-border insolvency cases Hideyuki Sakai; Hiroyasu Ueda who acts for a wide variety of debtors, creditors, creditors’ committees and equity holders; Fujiaki Mimura who has broad experience across all areas of insolvency, including corporate reorganisation, civil rehabilitation, bankruptcy and voluntary liquidations; and Zentaro Nihei who focuses on complex restructuring, insolvency, bankruptcy and special situations investing. Key figures include Taro Awataguchi who is noted for his work on finance transactions such as asset-based lending, and representing major creditors and strategic buyers in high-profile restructurings, and Satoshi Ogino who is highly experienced in insolvency matters and frequently advises debtors in Civil Rehabilitation Proceedings.

Responsables de la pratique:

Hideyuki Sakai; Hiroyasu Ueda; Fujiaki Mimura; Zentaro Nihei


Autres avocats clés:

Taro Awataguchi; Satoshi Ogino


Les références

‘The team has deep domain knowledge and is very good at providing practical advice to foreign investors across a range of areas.’

Principaux clients

K.K. Apex and its subsidiaries


K.K. Digipoke


Smart Tech


Sunrise Japan


K.K. Togashi Giken


Matsuekankyonomori Co., Ltd.


Tibanne Co., Ltd.


Soukou Kagaku K.K.


AK Corporation


PPS


W&D


Principaux dossiers


  • Advised a group of Japanese banks, financial institutions, and leasing companies in filing a creditor’s petition to initiate corporate reorganisation proceedings against United Ocean Group.
  • Advised K.K. Apex and its group of subsidiaries, which operate across industries including logistics, metalwork, taxi services, and hot spring facilities. In late 2023, Apex—the group’s core company—filed for civil rehabilitation proceedings with total debts of JPY 11.3 billion, marking the largest insolvency case in a decade in Ishikawa prefecture.
  • Advised a group of Japanese banks, financial institutions, and leasing companies in filing a creditor’s petition to initiate corporate reorganisation proceedings against United Ocean Group.

Mori Hamada

Mori Hamada’s practice is highly regarded for advising both debtors and creditors, as well as financial advisors from various jurisdictions, on all aspects of Japanese bankruptcy and reorganisation proceedings. The practice is jointly led by Soichiro Fujiwara, known for handling innovative cases involving creative schemes such as full repayment of unsecured debts arising from commercial transactions and the use of company split mechanisms in restructuring; Ryota Yamasaki who brings wide-ranging experience in both out-of-court restructurings and court-led bankruptcy and restructuring processes; and Takahiro Inou who advises on both court-supervised proceedings and out-of-court workouts, including ADR and other schemes. Wataru Ishida has a strong track record in handling complex restructuring and insolvency matters for a high-profile domestic and international client base. Dai Katagiri is another key figure, specialising in restructuring, litigation, M&A and general corporate matters.

Responsables de la pratique:

Soichiro Fujiwara; Ryota Yamasaki; Takahiro Inou


Autres avocats clés:

Wataru Ishida; Dai Katagiri


Les références

‘They demonstrate a strong grasp of stakeholder dynamics and excellent matter-coordination skills.’

‘Their problem-solving capabilities are also outstanding.’

Principaux clients

Copel Co., Ltd.


J-Will Partners Co., Ltd. and ITOCHU Corporation


Kasai Kogyo Co., Ltd.


Advantage Partners Pte. Ltd.


Nagashima Ohno & Tsunematsu

Nagashima Ohno & Tsunematsu’s team is well-regarded for its expertise in out-of-court proceedings and works seamlessly with the firm’s corporate and finance teams to deliver comprehensive advice to both debtors and sponsors. The team is jointly led by 'leading lawyer' Nobuaki Kobayashi who brings experience in high-profile insolvency and restructuring matters, including significant corporate reorganisations, Yosuke Kanegae who has been involved in numerous restructuring cases for listed companies, both in and out of court, and Tomohiro Okawa who 'possesses exceptional expertise' and has a specialism in cross-border restructuring matters. Takashi Suzuki is another key figure, particularly noted for advising debtors involved in Japanese workout procedures for listed companies.

Responsables de la pratique:

Nobuaki Kobayashi; Yosuke Kanegae; Tomohiro Okawa


Autres avocats clés:

Takashi Suzuki


Les références

‘NO&T’s expertise of insolvency proceedings in the US is very helpful.’

‘Tomohiro Okawa has a good knowledge of bankruptcy in the US. He has a lot of experience in cross-border insolvency proceedings.’

‘Very able to deal with cross-border matters between Japan and Singapore and trusted advisors because of their obvious competency in Japanese matters.’

Principaux clients

Mizuho Bank, Ltd.


Sumitomo Mitsui Banking Corporation


Mitsubishi UFJ Financial Group, Inc.


Mitsubishi Corporation


Toshiba Corporation


Bain Capital


Akebono Brake Industry Co., Ltd.


Itochu Corporation


MtGox


SBI Shinsei Bank Ltd.


Principaux dossiers


  • Advised ITOCHU Corporation on its acquisition of Big Motor Co., Ltd. (BM), Japan’s largest used car dealer, following high-profile compliance violations that prompted legislative reforms. We developed an innovated scheme to address substantial contingent liabilities and governance issues arising from such violations.
  • Represented the client in its acquisition of WeWork Japan’s business through civil rehabilitation proceedings, including the provision of “debtor-in-possession” financing to facilitate closing of the acquisition.
  • Acted for the trustee in the landmark restructuring of MtGox, a cryptocurrency exchange, enabling the world’s first distribution of Bitcoin to creditors through in-court proceedings.

Nishimura & Asahi

Nishimura & Asahi‘s group handles a broad spectrum of insolvency and restructuring matters, representing clients in high-profile and large-scale cases as well as in bankruptcy petitions and restructuring proceedings for small and medium-sized businesses. The team is led by Kenichi Minami who is recognised for his strong track record in out-of-court workouts and turnarounds, atop his expertise in conventional insolvency proceedings. Hajime Ueno is noted for his experience in structuring tailored solutions and Yonson Minami is also a name to note.

Responsables de la pratique:

Kenichi Minami


Autres avocats clés:

Yonson Minami; Hajime Ueno


Principaux clients

JOLED Inc.


REINOWA Holdings Inc.


BigMotor Co., Ltd.


Orient Line K.K.


J-Will Partners Co., Ltd.;


Interblock USA L.C


Japan Airlines Co., Ltd


Vincent Fok and Kenneth Fung at FTI Consulting


ARVOS Holding GmbH


HOPE, INC


Nuclear Damage Compensation and Decommissioning Facilitation Corporation


Pepper Food Service Co.


Amana inc.


Principaux dossiers


  • Advised BigMotor Co. Ltd. on restructuring through a (purely) out-of-court workout with financial creditors.
  • Served as lead counsel to our client, Orient Line K.K.; the debtor (« OL”), they filed for in-court insolvency proceedings (civil rehabilitation proceedings) to liquidate their leasing business.

Abe, Ikubo & Katayama

Abe, Ikubo & Katayama's team is well-regarded for its expertise in private restructuring matters, with a particular focus on debt restructuring and advising clients in the avoidance of formal liquidation processes. The team is jointly led by Kazuyuki Taguchi who has wide-ranging experience across real estate, corporate reorganisations, business turnarounds, financing, general corporate matters and other civil and commercial issues, and Hirofumi Kato who is highly experienced in legal and voluntary liquidations and represents debtor companies as well as potential sponsors. Eiji Katayama is a key contact for international and corporate matters, with particular expertise in IP and bankruptcy law.

Responsables de la pratique:

Kazuyuki Taguchi; Hirofumi Kato


Autres avocats clés:

Eiji Katayama


Principaux clients

WeWork Japan LLC


Funai Electric


JOLED


Aruze Gaming Technologies Ltd.


Principaux dossiers