Bankruptcy Act

The following claims are claims on the estate:

a claim for expenses for court proceedings performed for the common interest of bankruptcy creditors;

a claim for expenses for the administration, realization, and distribution of the bankruptcy estate;

a claim for tax, etc. arising from a cause occurring before the commencement of bankruptcy proceedings (excluding a claim for a foreign tax subject to mutual assistance and the claim stated in Article 97, item (v)), for which the due date of payment has not arrived or one year has not elapsed after the due date of payment by the time of commencement of bankruptcy proceedings (if a collection of national tax delinquency may not be made for a certain part of the one-year period due to the issuance of a comprehensive stay order during that period, that part of the period is excluded);

a claim arising from an act conducted by a bankruptcy trustee with respect to the bankruptcy estate;

a claim arising against the bankruptcy estate after the commencement of bankruptcy proceedings that comes from management of affairs or unjust enrichment;

a claim arising against the bankruptcy estate after the commencement of bankruptcy proceedings from an act conducted due to pressing circumstances after the termination of the mandate or extinguishment of the authority of representation;

a claim held by the counterparty when a bankruptcy trustee performs the obligation pursuant to the provisions of Article 53, paragraph (1); and

a claim arising by reason of the commencement of bankruptcy proceedings, during the period after the commencement of bankruptcy proceedings until the end of the contract when a notice of termination of an executory contract (including the termination of a lease contract pursuant to the provisions of Article 53, paragraph (1) or (2)) is given.

If a bankruptcy trustee has received performance of a conditioned legacy, the claim held by the counterparty to whom the bankruptcy trustee bears duties to seek the benefit of the burden, is to be a claim on the estate as long as it does not exceed the target value of the bequest.

The provisions of Article 103, paragraphs (2) and (3) apply mutatis mutandis to the claims on the estate prescribed in paragraph (1), item (vii) and the preceding paragraph. In this case, if the claim on the estate is a claim without interest or claim for periodic payments, the amount of the claim is the amount obtained by deducting an amount equivalent to the part of the claim that is a subordinate bankruptcy claim stated in Article 99, paragraph (1), items (ii) through (iv), suppose the claim is treated as a bankruptcy claim.

A claim arising from an act conducted by a temporary administrator based on their authority with respect to a debtor's property is to be a claim on the estate.

A claim for the salary of employees of the bankrupt for the three months preceding the commencement of bankruptcy proceedings is to be a claim on the estate.

A claim for a retirement allowance of an employee of the bankrupt who has retired prior to the closing of bankruptcy proceedings (excluding the part of the claim that is to be a subordinate bankruptcy claim when the whole amount of the claim is treated as a bankruptcy claim) is a claim on the estate for the amount equivalent to the total amount of the employee's salary for the three months preceding the retirement (if that amount is less than the total amount of the employee's salary for the three months preceding the commencement of bankruptcy proceedings, the total amount for the three months preceding the commencement of bankruptcy proceedings).

If a bond administrator or assistant bond administrator seeks to administer the affairs concerning the administration of corporate bonds that are bankruptcy claims, when the court finds it necessary to do so in order to ensure smooth progress of bankruptcy proceedings, it may grant permission to the effect that the bond administrator's or assistant bond administrator's claim for expenses to be incurred from the administrative work is to be a claim on the estate.

Even if a bond administrator or assistant bond administrator has administered the affairs concerning the administration of corporate bonds that are bankruptcy claims without obtaining the permission referred to in the preceding paragraph, when it is found that the bond administrator or assistant bond administrator has contributed to ensuring smooth progress of bankruptcy proceedings, the court may grant permission to the effect that a claim for reimbursement of the expenses incurred for the administration of the affairs is to be a claim on the estate for the amount that the court finds reasonable by taking into consideration the degree of contribution.

The court may grant permission to the effect that a bond administrator's or assistant bond administrator's claim for remuneration arising from a cause that has occurred after the commencement of bankruptcy proceedings is to be a claim on the estate for the amount that the court finds reasonable.

A claim for which the permission obtained pursuant to the provisions of the preceding three paragraphs is to be a claim on the estate.

An immediate appeal may be filed against the order of permission pursuant to the provisions of paragraphs (1) through (3).

The provisions of the preceding paragraphs apply mutatis mutandis to a claim for expenses or remuneration that arises from the affairs concerning the administration of a claim stated in each of the following items, which is a bankruptcy claim, in accordance with the category of the persons stated in the respective items:

a trustee company under a trust agreement prescribed in Article 2, paragraph (1) of the Secured Bond Trust Act (Act No. 52 of 1905):corporate bonds prescribed in that paragraph;

a social medical corporation bond administrator prescribed in Article 54-5 of the Medical Care Act (Act No. 205 of 1948) or an assistant social medical corporation bond administrator prescribed in Article 54-5-2 of that Act:social medical corporation bonds prescribed in Article 54-2, paragraph (1) of that Act;

an investment corporation bond administrator prescribed in Article 139-8 of the Act on Investment Trusts and Investment Corporations (Act No. 198 of 1951) or an assistant investment corporation bond administrator prescribed in Article 139-9-2, paragraph (1) of that Act:investment corporation bonds prescribed in Article 2, paragraph (19) of that Act;

a bond administrator prescribed in Article 61-6 of the Insurance Business Act or an assistant bond administrator prescribed in Article 61-7-2 of that Act:corporate bonds issued by a mutual company; or

a specified corporate bond administrator prescribed in Article 126 of the Act on the Securitization of Assets (Act No. 105 of 1998) or an assistant specified corporate bond administrator prescribed in Article 127-2, paragraph (1) of that Act:specified corporate bonds prescribed in Article 2, paragraph (7) of that Act.

A claim on the estate is paid in preference to a bankruptcy claim.

When it has become obvious that a bankruptcy estate is insufficient for paying the total amount of claims on the estate, the bankruptcy estate makes payment in proportion to the amount of each claim, notwithstanding any priorities specified in laws and regulations; provided, however, that this does not preclude the effect of any right of retention, special statutory lien, pledge, or mortgage that is intended to secure a claim on the estate.

Notwithstanding the provisions of the preceding paragraph, claims on the estate stated in Article 148, paragraph (1), items (i) and (ii) (including a claim for expenses for the administration and realization of a debtor's property, which is prescribed in paragraph (4) of that Article) are paid prior to other claims on the estate in the case prescribed in the main clause of that paragraph.