When there is an agreement between a debtor and creditor, a private insolvency program commonly referred to as workout can take place instead of a court proceedings under the the Debtor Rehabilitation and Bankruptcy Act.

At the present time, workout programs led by major creditor banks are carried out pursuant to the Corporate Restructuring Promotion Act (provisional law).

Unlike the court proceedings which require strict compliance with the directives from the judge, a workout is carried out pursuant to the agreement with creditors including large banks. So, it is important to delicately adjust business aspects of debtors, manage of insolvency risks and the interests and rights of employees. EHoo’s Corporate Restructuring Team provides clients with comprehensive services for successful completion of workout with our wealth of experience and knowledge accumulated over the years.