Bankruptcy Act

If foreign insolvency proceedings taken against the bankrupt exists (meaning proceedings commenced in a foreign state, which are equivalent to bankruptcy proceedings or rehabilitation proceedings; the same applies below in this Chapter), a bankruptcy trustee may request a foreign trustee (meaning a person that has a right to administer and dispose of the bankrupt's property in the foreign insolvency proceedings; the same applies below in this Chapter) to provide cooperation and information necessary for the proper implementation of bankruptcy proceedings.

In the case prescribed in the preceding paragraph, a bankruptcy trustee is to endeavor to provide a foreign trustee with cooperation and information necessary for the proper implementation of foreign insolvency proceedings.

Foreign trustees may file a petition to commence bankruptcy proceedings against a debtor.

Foreign trustees must make a prima facie showing of the fact constituting the grounds for the commencement of bankruptcy proceedings when filing the petition referred to in the preceding paragraph.

A foreign trustee may attend a creditors' meeting on the date of the meeting and state their opinion in bankruptcy proceedings against the bankrupt.

If a foreign trustee has filed a petition to commence bankruptcy proceedings pursuant to the provisions of paragraph (1), a notice must be given to the foreign trustee when a comprehensive stay order is issued or an order to change or reverse that order is issued, the main text of the respective order; when an order commencing bankruptcy proceedings is issued, the particulars for which a public notice should be given pursuant to the provisions of Article 32, paragraph (1); when there is a change to the particulars stated in Article 32, paragraph (1), item (ii) or (iii), a statement to that effect; when an order to reverse the order commencing bankruptcy proceedings becomes final and binding, the main text of the order.

A foreign trustee may represent a bankruptcy creditor that has not filed a notification of claim but has participated in foreign insolvency proceedings against the bankrupt, and participate in bankruptcy proceedings against the bankrupt; however, this is limited to when the foreign trustee has the authority to do so pursuant to laws and regulations of the relevant foreign state.

A bankruptcy trustee may represent a holder of filed bankruptcy claim that is not participating in foreign insolvency proceedings, and participate in the foreign insolvency proceedings.

A bankruptcy trustee may perform any act involved in the foreign insolvency proceedings in the interest of the bankruptcy creditor that they represented pursuant to the provisions of that paragraph when they have participated in foreign insolvency proceedings under the provisions of the preceding paragraph; provided, however, that delegation of authority from the bankruptcy creditor is required in order to withdraw a notification of a claim filed, seek a settlement, or perform any other act that is likely to jeopardize the rights of bankruptcy creditors.