Empirical Approach to the Pandemic-Based Crisis

Yuka Kaneko ()
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Yuka Kaneko: Kobe University

Chapter Chapter 4 in Insolvency Law Reforms in Asian Developing Countries, 2022, pp 63-71 from Springer

Abstract: Abstract Since the year 2020, COVID-19 has invited an opportunity to test the validity of donor-driven Asian insolvency laws in an emergency. Insolvency law, particularly in a crisis, is expected to guide the parties to a certain modification to the substantive law of normal times, as the means of social burden sharing. But under the COVID-19 pandemic, according to the results of the joint survey conducted by the author’s research group covering a total of 82 companies and 27 financial institutions in eight countries, the reality was not simple. For one thing, we detected a common tendency in this chapter that the formal insolvency procedures are seldom used under the COVID-19 pandemic. An implication from our survey is the failure of a debtor-centered model in the COVID-19 pandemic. Instead, an implication is the need for an insolvency law in emergency as a forum for reasonable negotiation to jointly explore better solutions, rather than a forcible mechanism for realizing a unilateral solution.

Date: 2022
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DOI: 10.1007/978-981-16-8302-2_4

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