Bankruptcy attorneys: modern-day samurai; economic crisis thrusts an elite class of lawyers into the heart of Japan's mission of recovery

Article Abstract:

Japan, where bankrupt companies are subjected to social punishment, faces a great many corporate bankruptcies after the economic stagnation of the 1990s. This economic crisis is shaking the very basis of Japanese financial, business and social practices. As a result, Japanese attorneys specializing in bankruptcy ave assumed a key role in the Japanese economy as it restructures, affecting its Asian neighbors' economies and even those in the US. Japanese bankruptcy law is much less geared toward corporate rehabilitation than US law and thus frequently results in liquidation.

Japan, Attorneys, Legal specialization

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U.S. Court awards must clear Canadian customs: enforcement of U.S. judgments in Canada entails a second round of court proceedings

Article Abstract:

Judgments issued by US courts must meet several tests before Canadian courts will enforce them. These include whether the US court had jurisdiction, whether US law considers the matter final, and whether the judgment warrants enforcement under Canadian law. Especially in bankruptcy matters, courts are increasingly swayed by international comity and commercial reality. If plaintiff's counsel foresees problems getting a US judgment enforced in Canada, simultaneous proceedings in both countries may be appropriate.

Analysis, Canada, Laws, regulations and rules, Judgments, Foreign, Foreign judgments, Comity of nations

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Two recent decisions, one from the Supreme Court, the other from the 7th Circuit, raise questions about equitable subordination of claims in bankruptcy

Article Abstract:

The US Court of Appeals for the 7th Circuit in In re Envirodyne Industries approved the equitable subordination of bankruptcy claims without proof of wrongful conduct on the part of the claims' holders. Two months later in United States v. Noland, the US Supreme Court disagreed with judges' altering the Bankruptcy Code's priority scheme. Envirodyne did not appear to justify judicial alternation of a priority scheme which mandates that all general unsecured creditors be treated on a parity.

Priorities of claims and liens, Subordinated debentures

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